*ISLAMABAD: **In a positive development, Pakistan kicks off work on megapackage of $14.5 billion.*
*Minister for Power and Petroleum Omar Ayub Khan said on Tuesday work hasstarted on 14.5 billion dollar worth of Saudi Arabia’s energy and petroleumprojects in Pakistan. *
In an interview with Arab News, he said the initiatives are part of aneffort to boost the production and use of oil and renewable power andovercome power shortages.
He said in the power sector, Saudi Arabia is helping Pakistan install 500megawatts renewable energy projects worth 4.5 billion dollars inBaluchistan. The studies have been carried out by Saudi company Aqua Power,Pakistani National Transmission & Despatch Company (NTDC) and other leadingcompanies to look into hybrid or solar projects.
He said the process of hiring technical experts for the Gwadar oil refineryproject started and would be completed in the next three months.
The minister said the refinery would have a 250,000 to 300,000 barrels perday capacity that would help Pakistan cut its annual crude oil import billby nearly 3 billion dollar.
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Omar Ayub said this was the first phase of Saudi investment in Pakistan andas soon as they will start achieving targets, another phase of investmentwould start.
The minister said that Saudi investment would help Pakistan achieve itstarget of shifting 30 percent of its energy needs to the renewable energysector by 2030.
He said Aramco is already working in the downstream exploration activitiesin Pakistan and we would welcome more Saudi companies to come in Pakistanfor investment.
