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 PM invites UAE investment across tech and resource sectors at National Day event
- Shehbaz Sharif says the UAE remains a key economic partner and continues to lend ‘critical support’ to Pakistan
- UAE envoy says both nations have potential for cooperation in renewable energy, AI and economic diversification
ISLAMABAD: Pakistan is ready to welcome investment from the United Arab Emirates across emerging technologies and resource sectors, Prime Minister Shehbaz Sharif said on Monday, as both countries marked the 54th National Day of the Gulf country in Islamabad.
Speaking at the ceremony attended by senior ministers, diplomats and business leaders, Sharif said the UAE remained a key economic partner for Pakistan and continued to lend “critical support” to the country’s stabilizing economy.
“Pakistan takes great pride in its strategic partnership with the UAE, which continues to deepen across every domain of life,” he said. “With Pakistan’s economy stabilizing, we stand ready to welcome Emirati investment in renewable energy, AI, fintech, agriculture and minerals.”
Sharif praised the UAE’s leadership and recalled his earliest memories of the Gulf nation as “a land that believed in possibilities long before they became realities,” saying the country’s progress under President Sheikh Mohamed bin Zayed Al Nahyan commanded “profound admiration.”
UAE Ambassador Salem Al Bawab Al Zaabi said the Emirates was committed to strengthening ties with Pakistan in areas including the economy, energy and artificial intelligence.
He said the two countries shared a “deep-rooted friendship built on mutual respect, shared values and a common vision for regional peace and development.”
“We see tremendous potential for collaboration in renewable energy, artificial intelligence, sustainability and economic diversification,” the ambassador said, adding that the UAE aimed to broaden the scope of its economic relations with Pakistan.
The UAE hosts around 1.8 million Pakistani expatriates, one of the country’s largest overseas communities, who Sharif said contributed “tirelessly” to the Gulf state’s development.
Sharif and Deputy Prime Minister Ishaq Dar also joined the UAE ambassador in a cake-cutting ceremony to mark the occasion.
