Saudi Crown Prince MBS coming to Pakistan with $10 billion deal

Saudi Crown Prince MBS coming to Pakistan with $10 billion deal
Shares

GWADAR – A Saudi delegation headed by Saudi Minister for Energy, Industry, and Minerals Khalid Abdul Aziz Al Falih arrived in Balochistan’s Gwadar district on Saturday to inspect the land allocated for a proposed oil refinery, the Radio Pakistan reported.

On his arrival, Federal Minister for Petroleum Ghulam Sarwar Khan welcomed the Saudi minister.

Speaking on the occasion, Ghulam Sarwar Khan said that, “Pakistan and Saudi Arabia have a distinctive relationship,” adding that the state-of-the-art oil refinery is the biggest investment project of Saudi Arabia in Pakistan.

He further said that during the upcoming visit of Saudi crown prince to Pakistan next month a Memorandum of Understanding about the Saudi Aramco Oil Refinery will also be signed.

The $10 billion oil refinery at the deep seaport is also the terminal point of the multi-billion dollar China-Pakistan Economic Corridor (CPEC) project.

The Pak Arab Refinery (Parco), a joint venture between Pakistan and Abu Dhabi, is also working on Khalifa refinery project with a total refining capacity of 250,000 barrels per day. At present, Parco is the largest refinery in Pakistan that has a refining capacity of 100,000 barrels per day.

Saudi Arabia and the UAE had announced the same packages for Pakistan and Riyadh was likely to set up a refinery with a capacity of 250,000 barrels per day. At present, the total refining capacity of Pakistan is around 300,000 barrels per day.

The previous Pakistan Muslim League-Nawaz (PML-N) government had allowed the Frontier Works Organization (FWO) to build an oil pipeline from Gwadar to China at an estimated cost of US$10 billion.

Economy