Saudi Crown Prince’s visit: Series of agreements, MoUs to be signed

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Saudi Crown Prince’s visit: Series of agreements, MoUs to be signed

Ten MoUs including one on a 10 billion dollar oil refinery in Gwadar and petrochemical complex in Gwadar with be signed with the Saudi Government during the visit of Saudi Crown Prince.

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).

Saudi Arabia has also shown interest in Pakistan’s mines, minerals, fertilizers, phosphate and LNG storage capacity.

It has 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 dollars per annum in import substitution.

Eight other MoUs will also be signed, including in sectors like ,mineral development, renewable energy resources, drug control and its smuggling, youth and sports, combating crime and cultural cooperation.