ISLAMABAD – Pakistan and Saudi Arabia to ink agreements worth $21 billionduring Crown Prince MBS visit to Islamabad, it has been revealed.
Pakistani officials have already flagged up that Saudi Arabia will announceseven investment agreements related to energy, tourism, minerals,petrochemicals, hotel industry events, and a $10 billion oil refinery andpetrochemicals complex in the coastal city of Gwadar, where China isbuilding a port.
Gwadar is the nerve centre of China-Pakistan Economic Corridor (CPEC) whichhas manifested investors’ confidence in the economy of Pakistan as themulti-billion dollar project is poised to bring massive investment in thecountry.
Short-term projects worth $7 billion with a span of one to two years,medium-term projects worth $2 billion with a span of two to three years andlong-term projects worth $12 billion with a span of three to five years areincluded in the agreements.
According to sources, Saudi Arabia is interested in buying two LNG-firedpower plants including the Haveli Bahadur Shah Power Plant and the BallokiPower Plant.
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Memorandums of Understanding (MoUs) of five hydropower projects worthSR1.207 billion are expected to be signed during the visit of Saudi crownprince.
Under the agreement, SR375 million will be contributed for Diamer Bhashaand SR300 million for Mohmand Dam Hydropower Project.
Moreover, SR150.37 million will be granted for the Jamshoro power projectwhereas SR130.12 million will be provided for the Jagran Hydropower Projectand SR247.5 million for the Shounter Hydropower Project.
