New developments Reported over Pakistan Saudi Arabia $10 billion mega Oil Refinery project in Gwadar
KARACHI: New developments Reported over Pakistan Saudi Arabia $10 billion mega Oil Refinery project in Gwadar.
Gwadar Development Authority (GDA) Director-General Shahzeb Khan Kakar has said that upcoming oil city project in Gwadar will host a multibillion-dollar Saudi Aramco refinery, Arab News link reported.
He hoped that the process of land allocation for the $10 billion Saudi oil refinery project and a $1-billion petrochemical complex would be completed within a couple of months.
Kakar told Arab News: “The land allocation process for the oil refinery is underway with the provincial government’s revenue department in Quetta.”
Saudi Arabia and Pakistan signed seven investment deals worth $21 billion during visit of last year which included the Aramco refinery. The oil refinery has a expected refining capacity of between 250,000 bpd to 300,000 bpd.
Gwadar is at the heart of the China Pakistan Economic Corridor (CPEC) and Beijing is investing $60 billion in energy and infrastructure sectors of Pakistan.