*ISLAMABAD: Over the $20 billion investment package for Pakistan from Saudigovernment, another importnat development has been made as the high levelSaudi government delegation arrived in Pakistan for the follow up of themega investment package.*
Saudi Arabia has vowed to show tangible progress on $20 billion investmentcommitments before the next meeting of Pak-Saudi Supreme CoordinationCouncil, which will also require a big push from Pakistan to take theseprojects to their next level of implementation.
“The proposed mega projects are complex and require time and studies butour leaderships want to accelerate work on them,” said Saudi Arabia DeputyMinister of Energy Khalid Saleh Al-Modaifer during an interaction on Friday.
Saleh Al-Modaifer is heading a Saudi delegation to review progress on thememorandums of understanding (MoUs) signed during the visit of Saudi CrownPrince Mohammed Bin Salman in February.
The deputy energy minister said there is a resolve to show tangible resultsbefore the meeting of the Supreme Coordination Council. The meeting istentatively scheduled to take place early next year and the kingdom wantsto use this period to give a push to the projects.
Saudi Arabia has announced a $20 billion investment package for Pakistanthat includes a petrochemical complex, renewable energy projects andinvestment in mineral resources. All these projects are located inBalochistan.
The Kingdom has already given $3 billion in cash assistance besidesproviding $3.2 billion oil facility on deferred payments. Saudi Arabiaplans to set up a $10 to $12 billion oil refinery in Pakistan’s deep-seaport of Gwadar.
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“The refinery complex is very large project and will have all value chainthat will require studies. Its technical study will be done by October,”said the deputy minister.
Minister for Power Omar Aub said the government has finalised four sitesfor setting up wind farms to generate approximately 500MW of electricity.“200MW will be generated through renewable energy in Quetta while threeother sites have also been identified in Balochsitan to setup wind farms,”he said.
The Pak-Saudi Supreme Coordination Council was established this year forpromotion of political, economic and cultural cooperation between the twocountries.
Prime Minister Imran Khan and Saudi Crown Prince Mohammed Bin Salmanjointly presided over an inaugural session of the council during the visitof the crown prince.
