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
Santas on camels lead Christmas rally in Pakistani capital
- Hundreds join year-end procession in the capital, chanting and marching in festive dress
- Christians make up only 1.37% of Pakistan’s population, according to the 2023 census
ISLAMABAD: Hundreds of Pakistani Christians marched through Islamabad in a Christmas rally on Sunday, with men dressed as Santa Claus riding camels and waving at crowds as they chanted greetings ahead of the holiday.
The gathering showcased one of the country’s most visible Christmas celebrations, held in a nation where Christians remain a small religious minority. Census data from 2023 puts the Christian population at less than 1.37 percent nationwide, though communities are concentrated in major cities such as Karachi, Lahore and Islamabad.
For participants, the rally was both festive and symbolic, an open display of faith near the heart of the capital.
“My heart is filled with gratitude. We are very thankful to the government of Pakistan, the army, the police, and everyone for supporting us during our event, especially the event for minority communities,” said 27-year-old Arsalan Masih.
Standing beside him as camels passed through Zero Point, a central traffic junction, electrician Shafiqui Saleem said the group celebrated openly each year.
“December has started, and we are enjoying our Christmas celebrations. This is why we have started this rally, to praise our Lord and celebrate His coming, as He was born in the month of December to bring salvation to this world. We are very happy to enjoy December.”
Saleem said the procession reflected a sense of belonging despite being a minority in the country.
“Despite being a minority, we have never faced any obstacles here in Islamabad,” he said.
“You can see that today, we were granted permission to hold this rally from Zero Point, and the authorities are managing the traffic and supporting us. It is wonderful that, despite being a minority, we are receiving a lot of support.”
