ISLAMABAD – Federal Minister for Petroleum Ghulam Sarwar Khan says visit ofCrown Prince Mohammad Bin Salman is success of economic diplomacy betweenPakistan and Saudi Arabia.
In a press release issued in Islamabad on Friday, he said ten MoUsincluding one on a $10 billion Oil refinery and petrochemical complex to besigned with the Saudi Government during the visit.
Ghulam Sarwar Khan said previous governments build personal relations withSaudi Arabia and China whereas under the vision of a new Pakistan, PrimeMinister Imran Khan has focused on developing based on mutual respect andnational interests.
He said the Saudi side has indicated that the capacity of proposed oilrefinery will be between 250,000-300,000 bpd (11-13 million tons per annum)and initially both sides will study the feasibility of the proposed projectafter signing the MOU.
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Federal Minister for Petroleum said the visiting side has also showninterest in mines, minerals, fertilizers, phosphate and LNG storagecapacity.
He said the Saudi side has also expressed strong interest in exploringinvestment opportunities in Pakistan’s Petrochemical sector which wastermed as a ‘game changer’ and would result in savings of $ 1.2 billion perannum in import substitution.
