*ISLAMABAD – **In a big economic achievement for PTI government, US$14.5billion pours in Pakistan economy,** Minister for Power and Petroleum OmarAyub Khan has revealed.*
*Pakistan and Saudi Arabia started the practical work on 14.5 billiondollar worth of Saudi Arabia’s energy and petroleum projects in Pakistan. *
In an interview with Arab News, he said the initiatives are part of aneffort to boost the production and use of oil and renewable power andovercome power shortages.
He said in the power sector, Saudi Arabia is helping Pakistan install 500megawatts renewable energy projects worth 4.5 billion dollars inBaluchistan. The studies have been carried out by Saudi company Aqua Power,Pakistani National Transmission & Despatch Company (NTDC) and other leadingcompanies to look into hybrid or solar projects.
He said the process of hiring technical experts for the Gwadar oil refineryproject started and would be completed in the next three months.
Read Top Stories
The minister said the refinery would have a 250,000 to 300,000 barrels perday capacity that would help Pakistan cut its annual crude oil import billby nearly 3 billion dollar.
Omar Ayub said this was the first phase of Saudi investment in Pakistan andas soon as they will start achieving targets, another phase of investmentwould start.
The minister said that Saudi investment would help Pakistan achieve itstarget of shifting 30 percent of its energy needs to the renewable energysector by 2030.
