ISLAMABAD: Pakistan and Saudi Arabia have agreed to establish a JointWorking Group (JWG) for setting up $11 billion oil refinery andpetrochemical complex at the Gwadar Port.
According to a statement put out by the Petroleum Division, the agreementwas reached during a meeting between Minister for Petroleum Ghulam SarwarKhan and Saudi Minister for Energy, Industry and Mineral Resources KhalidAl Falih.
At the meeting, they discussed implementation of a Memorandum ofUnderstanding (MoU) inked between the two countries for setting up therefinery and petrochemical complex in Pakistan.
Both the sides agreed to establish a JWG to exchange information that iscritical for carrying out feasibility studies of the project expeditiously.
Ghulam Sarwar Khan thanked Saudi Minister Al Falih for showing keeninterest to invest in the country’s petroleum sector. He said billions ofdollars worth of investment in different sectors by Saudi Arabia wouldbring a new era of development and prosperity in Pakistan.
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He said the establishment of the refinery and petrochemical complex inPakistan would help cut down annual oil import bill by $1.2 billion andadded the recent agreements with Saudi Arabia in various fields would alsoinstill confidence in foreign investors in business-friendly policies ofPakistan.
The Saudi minister said the kingdom would look into other mutuallybeneficial investment opportunities in the energy sector.
