Saudi Arabia becomes key partner in Pakistan China CPEC: Chinese Media
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ISLAMABAD - Saudi Arabia is set to become "an important partner of China-Pakistan Economic Corridor (CPEC)", a Pakistani minister said over the weekend as Riyadh confirmed that the Gulf kingdom will build a mega refinery in Pakistan's deepwater port of Gwadar, which is being developed with funding from China, CGTN has reported.
An agreement for the 10 billion U.S. dollar refinery will be signed by both the governments during Saudi Crown Prince Mohammed bin Salman's forthcoming visit to Islamabad in February, Saudi Energy Minister Khalid al-Falih said on Saturday after leading a delegation to the site of the proposed refinery in Gwadar in Pakistan's southwestern Balochistan province.
"Saudi Arabia wants to make Pakistan's economic development stable through establishing an oil refinery and partnership with Pakistan in the China-Pakistan Economic Corridor,” Falih, who is also chairman of the Board of Saudi Aramco said, adding that Saudi Arabia would also invest in other sectors. The two countries discussed cooperation in refining, petrochemicals, mining and renewable energy, the Saudi news agency SPA reported.
The Saudi delegation was received by Pakistan's Petroleum Minister Ghulam Sarwar Khan, Port and Shipping Minister Syed Ali Haider Zaidi and Balochistan Information Minister Zahoor Ahmed Buledi, Riyadh-based Arab News English daily reported.
2/2 Pakistani Petroleum Minister Ghulam Sarwar Khan (second from left) and Balochistan Information Minister Zahoor Ahmed Buledi (second from right) welcome Saudi Energy Minister Khalid al-Falih (third from left) in Gwadar, Pakistan, on January 12, 2019. /Photo courtesy Voice of Gwadar
1/2 A Saudi delegation led by Energy Minister Khalid al-Falih hold talks with their Pakistani counterparts led by Petroleum Minister Ghulam Sarwar Khan in Gwadar, Pakistan, on January 12, 2019. /Photo courtesy Behram Baloch, Gwadar
2/2 Pakistani Petroleum Minister Ghulam Sarwar Khan (second from left) and Balochistan Information Minister Zahoor Ahmed Buledi (second from right) welcome Saudi Energy Minister Khalid al-Falih (third from left) in Gwadar, Pakistan, on January 12, 2019. /Photo courtesy Voice of Gwadar
1/2 A Saudi delegation led by Energy Minister Khalid al-Falih hold talks with their Pakistani counterparts led by Petroleum Minister Ghulam Sarwar Khan in Gwadar, Pakistan, on January 12, 2019. /Photo courtesy Behram Baloch, Gwadar
*Analysis: Saudi-built mega oil city near Gwadar port to complement China's BRI* link
"With setting up of an oil refinery in Gwadar, Saudi Arabia will become an important partner in CPEC," Khan said, adding that his government has already given the approval for the memorandum of understanding (MoU) to be signed next month during Prince Mohammed's visit.
"This would be the biggest investment of Saudi Arabia in Pakistan," Khan said.
The Pakistani petroleum minister said that the project would not only prove to be a milestone in the development of Pakistan but also write a new history of prosperity and economic development in the entire region.
The visiting Saudi delegation was briefed by the chairman of Gwadar Development Authority, Dostain Jamaldini, about the development of deep sea port, which is being constructed with the help of China, and is among CPEC's key destination.
Beijing has pledged 60 billion U.S. dollars to CPEC, the flagship project of Beijing's Belt and Road Initiative (BRI). The corridor project includes building a network of major highways, railways, ports and power stations to transform Pakistan into a major overland route linking western China to the oil-rich Persian Gulf and beyond.
Meanwhile, Saudi Arabia has assured its support for the BRI as the Gulf kingdom seeks to diversify its economy from a largely oil-based model through collaboration and foreign investments. China's State Councilor and Foreign Minister Wang Yi, while hosting his Saudi counterpart Adel bin Ahmed al Jubeir in Beijing last July, called for "deeper alignment" between Beijing's BRI and Riyadh's "Vision 2030" development strategies.
