ISLAMABAD – Prime Minister Imran Khan is likely to ink couple ofeconomy-centric historic agreements between Pakistan and Saudi Arabia.
PM Imran Khan has left for the holy kingdom today on a two-day visit wherehe will meet Saudi King Salman bin Abdulaziz and ambitious Crown PrinceMohamed bin Salman besides performing Umrah and paying a visit to theRoza-e-Rasool (PBUH).
Both the countries are expected to sign historic agreements; the sourcesclaim that Saudi Arabia would provide crude oil at 20 per cent discount toPakistan for a period of five years in a bid to bolster its economy.
Moreover, an agreement regarding the establishment of an oil refinery inGwadar would also be signed, in a major boost to the China PakistanEconomic Corridor (CPEC).
According to the unofficial terms of reference (TOR), the Oil-rich statewould join hands with China to build the oil refinery at an area spanning80,000 acres in Gwadar.
Pakistan’s leading publication, Daily Pakistan holds the distinction ofbeing the first one to report the Saudi investments in the multi-billiondollars CPEC and the oil refinery.
PM Khan’s visit is crucial as issues pertaining to the involvement of SaudiArabia in CPEC and Gwadar would be discussed at length.
The cash-strapped Pakistan is in dire need of some 9 billion US Dollars forpaying back the loans and strengthen its economy. The petro-state hasalready expressed its willingness to grant loans worth $4b through banksunder its influence.
The government sources detail that shortly after the visit of premier ImranKhan, Saudi Crown Prince Mohamed bin Salman (MBS) would pay a visit toPakistan followed by the visit of Saudi King Salman, who is expected tovisit the country in January.
Even before the start of the tour, the political observers affirm thatImran Khan would bag a massive victory on the diplomatic front through hisfirst official visit to the Hydrocarbon-rich state.
Imran Khan would be flanked by Foreign Minister Shah Mehmood Qureshi,Finance Minister Asad Umar and advisor to PM on commerce, textiles,industries and investment, Abdul Razak Dawood.