$10 billion Oil Refinery to save billions of dollars annual import substitution for Pakistan

$10 billion Oil Refinery to save billions of dollars annual import substitution for Pakistan
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ISLAMABAD - Federal Minister for Petroleum Ghulam Sarwar Khan says visit of Crown Prince Mohammad Bin Salman is success of economic diplomacy between Pakistan and Saudi Arabia.

In a press release issued in Islamabad on Friday, he said ten MoUs including one on a $10 billion Oil refinery and petrochemical complex to be signed with the Saudi Government during the visit.

Ghulam Sarwar Khan said previous governments build personal relations with Saudi Arabia and China whereas under the vision of a new Pakistan, Prime Minister Imran Khan has focused on developing based on mutual respect and national interests.

He said the Saudi side has indicated that the capacity of proposed oil refinery will be between 250,000-300,000 bpd (11-13 million tons per annum) and initially both sides will study the feasibility of the proposed project after signing the MOU.

Federal Minister for Petroleum said the visiting side has also shown interest in mines, minerals, fertilizers, phosphate and LNG storage capacity.

He said the Saudi side has also expressed strong interest in exploring investment opportunities in Pakistan's Petrochemical sector which was termed as a 'game changer' and would result in savings of $ 1.2 billion per annum in import substitution.

Economy