$8 billion Saudi investment in huge oil refinery in Pakistan

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$8 billion Saudi investment in huge oil refinery in Pakistan

ISLAMABAD – Saudi Ambassador to Pakistan Nawaf Saeed Al-Malki said Wednesday that Pakistan will receive the first instalment of Saudi aid amounting to $3 billion in the next few days to address its financial crisis.

The Kingdom of Saudi Arabia would release the amount of $3 billion in terms of the balance of payment, the envoy stated in a short interview with a private news channel.

In addition to this, the envoy confirmed that the Saudi government would provide deferred payment facility for the import of oil, worth up to another $3 billion.

“The Saudi companies are keen to invest a huge amount of around $6-8 billion for establishing an oil refinery in Pakistan,” he added.

Replying to a question, Nawaf Saeed said that besides this aid, the Kingdom would like to invest in the power sector of Pakistan, adding “we were also seeking to set up a petrochemical industry near Karachi.”

Moreover, he hinted that an investment would also be made in the Reko Diq project.