*ISLAMABAD – Federal cabinet has approved the MoU between Pakistan andSaudi Arabia for one of the largest oil refineries of the World in theGwadar.*
*Saudi Arabia has agreed to set up a state-of-the-art oil refinery atGwadar, said Minister for Information Fawad Chaudhry.*
During a press briefing here, the minister said the cabinet approved aMemorandum of Understanding between Pakistan and Saudi Arabia in thisregard. The MoU is expected to be signed when Saudi Energy Minister wouldvisit Pakistan at the end of this month or beginning of the next month.
He said cost and capacity of the refinery have not yet been finalized.
Minister for Petroleum Ghulam Sarwar said Pakistan has also offered severalother important projects to Saudi Arabia for investment and the Kingdom haspromised to consider these proposals. They include North South and SouthNorth pipelines and exploration of oil and gas in different parts of thecountry.
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Sarwar said Saudi Arabia expressed keen interest in investing in differentsectors of Pakistan’s economy during recent visit of Prime Minister ImranKhan to Riyadh.
He said a delegation from UAE would also be visiting Pakistan to exploreprospects of investment in Pakistan.
The Information Minister said Saudi Arabia would make huge investment inPakistan.
