*ISLAMABAD - Federal cabinet has approved the MoU between Pakistan and Saudi Arabia for one of the largest oil refineries of the World in the Gwadar.*
*Saudi Arabia has agreed to set up a state-of-the-art oil refinery at Gwadar, said Minister for Information Fawad Chaudhry.*
During a press briefing here, the minister said the cabinet approved a Memorandum of Understanding between Pakistan and Saudi Arabia in this regard. The MoU is expected to be signed when Saudi Energy Minister would visit 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 several other important projects to Saudi Arabia for investment and the Kingdom has promised to consider these proposals. They include North South and South North pipelines and exploration of oil and gas in different parts of the country.
Sarwar said Saudi Arabia expressed keen interest in investing in different sectors of Pakistan’s economy during recent visit of Prime Minister Imran Khan to Riyadh.
He said a delegation from UAE would also be visiting Pakistan to explore prospects of investment in Pakistan.
The Information Minister said Saudi Arabia would make huge investment in Pakistan.