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 says mosque data collection in Indian-administered Kashmir violates religious freedom
- Indian police distributed forms to collect details of mosques, including finances of institutions and personal details of imams
- The exercise has triggered widespread concern in the territory, with a local leader calling it ‘infringement of the religious freedom’
ISLAMABAD: Pakistan on Saturday condemned reported profiling of mosques and their management committees in Indian-administered Kashmir, calling it “blatant intrusion into religious affairs.”
Police distributed forms to local officials to collect details of mosques, seminaries in Indian-administered Kashmir, including finances of the institutions, personal details of imams and members of management committees, Hindustan Times reported this week, citing residents.
The police referred to the busting of a “white collar terror module” last year, which included an imam, as the reason for the exercise that has triggered widespread concern in the territory, with National Conference leader Aga Ruhullah Mehdi calling it “infringement of the religious freedom.”
Pakistan’s foreign office said the forcible collection of personal details, photographs and sectarian affiliations of religious functionaries amounts to systematic harassment, aimed at “instilling fear among worshippers and obstructing the free exercise of their faith.”
“This blatant intrusion into religious affairs constitutes a grave violation of the fundamental right to freedom of religion and belief, and reflects yet another coercive attempt to intimidate and marginalize the Muslim population of the occupied territory,” the Pakistani foreign office said.
There was no immediate response from New Delhi to the statement.
Kashmir has been divided between Pakistan and India since their independence from Britain in 1947. Both countries have fought two of their four wars over the disputed region, which is ruled in part but claimed in its entirety by both India and Pakistan.
The Pakistani foreign office said the people of Indian-administered Kashmir possess an inalienable right to practice their religion “without fear, coercion or discrimination.”
“Pakistan will continue to stand in solidarity with them and will persist in raising its voice against all forms of religious persecution and intolerance targeting Kashmiris,” it added.
