Saudi Arabia will set up oil refinery at Gwadar: minister

Saudi Arabia will set up oil refinery at Gwadar: minister

Islamabad (Staff Report/Agencies): Pakistan and Saudi Arabia have agreed to set up a state-of-the-art oil refinery at Gwadar.

Addressing a press conference after meeting of the cabinet on Thursday, Minister for Petroleum Ghulam Sarwar along with Minister for Information Fawad Chaudhry, said that a Memorandum of Understanding (MoU) is expected to be signed when Saudi Energy Minister will visit Pakistan at the end of this month or beginning of the next month. He said cost and capacity of the refinery have not yet been finalized.

He said that Saudi Arabia expressed keen interest in investing in different sectors of Pakistan's economy during recent visit of Prime Minister Imran Khan to Riyadh. He maintained that a delegation from UAE would also be visiting Pakistan to explore prospects of investment in Pakistan.

The minister said Pakistan had also offered several other important projects to Saudi Arabia for investment and the Kingdom has promised to consider these proposals. They include North South and South North pipelines and exploration of oil and gas in different parts of the country.

The Information Minister said Saudi Arabia would make huge investment in Pakistan.

Fawad said the cabinet constituted a Task Force headed by Defence Minister Pervez Khattak to decide about utilization of two thousand four hundred and sixty-seven properties of Federal, Punjab and KPK Governments.