KARACHI – Pakistan and the Kingdom of Saudi Arabia have finalized theMemorandum of Understand (MoU) for the construction of multi-billion dollarSaudi Aramco oil refinery in Gwadar, according to an Arab Newslink.

Pakistan is expecting to sign a number of investment deals including theconstruction of mega oil refinery in the month of February in the presenceof a high-level Saudi delegation, confirmed Information Minister FawadChaudhry.

“The oil refinery project is the biggest investment project of Saudi Arabiain Pakistan,” he added.

Pakistan and Saudi Arabia have lately expressed renewed interest inenhancing bilateral strategic and trade engagements while the Kingdom alsopledged $3 billion in a financial assistant to help Pakistan out of itseconomic woes.

“A 15-member delegation of Saudi Arabia visited Gwadar from Karachi as partof the finalization process of the MoU for Aramco oil refinery,” HaroonSharif, Minister of State and Chairman of Pakistan Board of Investment(BoI), told Arab News.

“We have finalized the MoU for the construction of Aramco oil refinery,”Sharif said adding that “overall directions have been agreed upon and theagreement will be signed at an ‘appropriate time’.”

Pakistani authorities expect $15 billion investment from Saudi Arabia afterPrime minister Imran Khan chose the Kingdom for his maiden visit andconsequently made two official visits.

Earlier, the BoI chief had said that “We are going to sign MoUs with SaudiAramco and Acwa Power within few weeks. Saudi Aramco is going to set up oilrefinery and petrochemical complex in Pakistan while Acwa Power will investin Pakistan renewable energy sector”, Sharif informed.