*ISLAMABAD – Saudi Arabia has agreed to build an estimated $9 billion, oneof the largest oil refineries in the World in Pakistan’s Gwadar.*
*Pakistan wants to build the oil refinery near the deep-water port ofGwadar to reduce petroleum product imports, a planning official said onTuesday as the government hosted a Saudi delegation reported to beconsidering funding the project.*
The government of new Prime Minister Imran Khan wants to turn theChinese-funded Gwadar port into “an oil city” to reduce dependence onimported refined fuel, Khusro Bakhtyar, minister for planning, developmentand reforms, told reporters.
Last month, Pakistan invited Saudi Arabia to invest in projects related tothe China-funded Belt and Road infrastructure corridor, of which the Gwadarport is the crown jewel of some $60 billion in projects in Pakistan.
“An oil city concept has been developed for Gwadar,” Bakhtyar said, sayingthe country can reduce its $16 billion petroleum import bill if it importscheaper crude oil to refine instead of more expensive finished products.
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“If we set up a refinery and complete Pakistan’s requirement through ourrefinery this oil import bill can be cut by half. And God willing, we willdo this.”
Khan made Riyadh his first foreign trip since he swept to power inelections in July, but there was no confirmation that the Saudi governmentmight offer an economic lifeline.
