*ISLAMABAD – The Shoura of Kingdom of Saudi Arabia has approved theMemorandum of Understanding (MoU) signed between the Kingdom and Pakistanfor developing renewable energy projects.*
“Al-Shoura approves a draft MoU between the government of the KSA and thegovernment of the Islamic Republic of Pakistan in the field of developingrenewable energy projects,” tweeted the Shura Council Saudi Arabia.
#الشورىlinkيوافقعلى مشروع مذكرة تفاهم بين حكومة المملكة العربية السعودية وحكومة جمهوريةباكستان الإسلامية في مجال تطوير مشروعات الطاقة المتجددة.pic.twitter.com/qrr5EeywJ8 link
— مجلس الشورى (@ShuraCouncil_SA) January 28, 2020link
The cooperation on renewable energy Pakistan and Saudi Arabia was initiatedin February last year, during the visit of KSA’s Crown Prince Mohammed binSalman to Pakistan. During the visit the two countries signed short-, mid-and long-term investment agreements worth over $20 billion, including forenergy and petroleum projects.
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In the power sector, Saudis are helping Pakistan to install 500 megawattsrenewable energy projects worth $4.5 billion in Baluchistan.
Short-term projects signed in February include two Regasified LiquefiedNatural Gas plants for $4 billion, a $2 billion investment by Saudi powerproducing company ACWA Power in Pakistan’s renewable energy sector and a $1billion Saudi Fund for Pakistan. Mid-term projects include $1 billion eachfor petrochemical and food and agricultural projects.
The long-term investments are $10 billion for the construction of themulti-billion-dollar Saudi Aramco oil refinery in Gwadar and $2 billion forthe minerals sector, the report said.
