KARACHI: Pakistan and the Kingdom of Saudi Arabia have finalized the Memorandum of Understand (MoU) for the construction of multi-billion dollar Saudi Aramco oil refinery in Gwadar deep seaport city, located in Balochistan province, officials said on Thursday.
Pakistan is expecting to sign a number of investment deals including the construction of mega oil refinery in the month of February in the presence of a high-level Saudi delegation, confirmed Information Minister Fawad Chaudhry.
“The oil refinery project is the biggest investment project of Saudi Arabia in Pakistan,” he added.
Pakistan and Saudi Arabia have lately expressed renewed interest in enhancing bilateral strategic and trade engagements while the Kingdom also pledged $3 billion in a financial assistant to help Pakistan out of its economic woes.
“A 15-member delegation of Saudi Arabia visited Gwadar from Karachi as part of the finalization process of the MoU for Aramco oil refinery,” Haroon Sharif, 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 the agreement will be signed at an ‘appropriate time’.”
Pakistani authorities expect $15 billion investment from Saudi Arabia after Prime minister Imran Khan chose the Kingdom for his maiden visit and consequently made two official visits.
Earlier, the BoI chief had said that “We are going to sign MoUs with Saudi Aramco and Acwa Power within few weeks. Saudi Aramco is going to set up oil refinery and petrochemical complex in Pakistan while Acwa Power will invest in Pakistan renewable energy sector”, Sharif informed.
As part of the investment plan, the Saudi Aramco will construct petrochemical complex housing multi-billion dollar oil refinery.
“I am expecting around $15 billion investment from Saudi Arabia in the next 3 years. The inflow of investment for oil refinery and petrochemical complex in Pakistan is estimated to be between $6 billion to $10 billion,” BoI Chairman told Arab News.
Pakistan hopes to attract more than $40 billion in Foreign Direct Investment (FDI) during the next five years. “We estimate that roughly around $40 billion investment will be made by these three countries (Saudi Arabia, UAE, and China) in the next three to five years,” Sharif had told Arab New during his recent interview.
During the recent visit of the Saudi delegation to Gwadar, the Chairman of Gwadar Port Authority, Dostain Khan Jamaldini, on Wednesday gave a briefing about the current developments including the port, progress on China-Pakistan Economic Corridor (CPEC) and Gwadar Master Plan.
Pakistan, KSA set to ink multi-billion dollar Aramco oil refinery deal
Pakistan, KSA set to ink multi-billion dollar Aramco oil refinery deal
- MoU for construction of mega oil refinery will be inked in February, says information minister
- Pakistan expects $15 billion investment from Saudi Arabia in the next 3 years
Pakistan expresses solidarity with Australia as gunmen kill at least 12 in Bondi Beach shooting
- Gunmen targeted people gathered at Sydney’s famous Bondi Beach to celebrate Jewish Hannukah festival
- Pakistan, itself a victim of “terrorism,” condemns violence against innocent civilians, says President Zardari
ISLAMABAD: Pakistan’s President Asif Ali Zardari expressed solidarity with Australia on Sunday as gunmen killed at least 12 people and wounded a dozen others in the Bondi Beach shooting that targeted the Jewish community in the country.
New South Wales (NSW) police said two people had been taken into custody, and the Australian Broadcasting Corp. said one of at least two gunmen was among those killed. Around a dozen people were taken to local hospitals after the shooting, an NSW ambulance spokesperson said.
The attackers targeted a large group gathered at the northern end of Sydney’s Bondi Beach, near or at Bondi Park playground, as per news reports, when the attack happened. Gunmen attacked people who were there to celebrate an event related to the Jewish festival of Hannukah.
“President Asif Ali Zardari has expressed sorrow over the tragic shooting in Sydney, conveyed condolences to the victims’ families & wished the injured a speedy recovery,” the president of Pakistan’s official account on X wrote.
“Pakistan itself a victim of terrorism, stands in solidarity with & condemns violence against innocent civilians.”
Prime Minister Shehbaz Sharif also condemned the Sydney attack, expressing condolences with victims of the incident.
“Pakistan condemns terrorism in all its forms and manifestations,” he wrote on X.
As per international media reports, one of the gunmen has been identified as Naveed Akram from Bonnyrigg in Sydney’s southwest. His country of origin remains unclear.
One of the world’s most famous beaches, Bondi is typically crowded with locals and tourists, especially on warm weekend evenings.
Videos circulating on X appeared to show people on the beach and nearby park scattering as multiple gunshots and police sirens could be heard. One video showed a man dressed in a black shirt firing a large weapon before being tackled by a man in a white T-shirt who wrestled his weapon off him. A different man was seen firing a weapon from a pedestrian bridge.
Another video showed two men pressed onto the ground by uniformed police on a small pedestrian bridge. Officers could be seen trying to resuscitate one of the men. Reuters could not immediately verify the footage.
The attack came almost exactly 11 years after a lone gunman took 18 people hostage at the Lindt Cafe in Sydney. Two hostages and the gunman were killed after a 16-hour standoff.
