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 cricket chief courts investors at UK roadshow as T20 league eyes expansion
- Mohsin Naqvi says the board is investing in infrastructure and high-performance training centers for players
- PSL features six teams and is expected to expand to eight, with its next edition scheduled for April and May
ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi said on Monday the board was investing in cricket infrastructure and high-performance training centers as he aimed to attract investors from the United Kingdom to buy Pakistan Super League (PSL) teams.
The remarks came during a PSL roadshow at Lord’s Cricket Ground in London, which brought together investors, franchise representatives and league officials to showcase the league’s commitment to global expansion, strategic partnerships and world-class entertainment.
PSL is Pakistan’s premier T20 cricket league, featuring six city-based teams competing for the title each year. The tournament’s 11th edition is expected to take place in April and May next year.
PCB has announced plans to expand the league by adding two new franchises this year, increasing the total number of teams to eight. The board said in a statement earlier this year it had already received “significant interest” from potential ownership groups in the UK for the two new teams.
“So, I will tell one thing to the investors, that we are not spending only money on the infrastructure, but also on the high-performance centers,” Naqvi said while speaking to the participants.
He highlighted that the PCB had recently renovated the Qaddafi Stadium in Lahore while the renovation of the National Stadium in Karachi was halfway done.
“We are building a new stadium in Islamabad ... [which will be] one of the best stadiums in Pakistan,” he added. “We are targeting Abbottabad. We are taking over Muzaffarabad stadium [in Azad Kashmir] also.”
The PSL roadshow aims to offer investors and cricket lovers an immersive introduction to the league, its commercial ecosystem and the strategic vision driving its next phase of growth.
Within a span of 10 years, PSL has competed for viewership with some of the most prominent cricket leagues around the world, including the Indian Premier League, the Big Bash League, the Hundred, and the Caribbean Premier League, among others.
