KARACHI: As Prime Minister Imran Khan leaves on a three-day visit to Saudi Arabia today, Friday, his special adviser on power and petroleum said the government would offer incentives to existing and new players, including state oil firm Saudi Aramco, to upgrade and set up oil refineries in Pakistan under a new policy.
Khan will embark on a three-day visit to Saudi Arabia on May 7 on the invitation of Saudi Crown Prince Mohammed bin Salman. In meetings with the Saudi leadership, Khan will cover all areas of bilateral cooperation including economics, trade, investment, environment, energy, job opportunities for the Pakistani workforce, and the welfare of the Pakistani diaspora in the kingdom.
“We would wholeheartedly welcome investment from Saudi companies in Pakistan’s energy sector,” Tabish Gauhar, special assistant to the prime minister on power and petroleum told Arab News, saying the country was in the process of rolling out a new oil refinery policy this year.
“Under the policy, various fiscal and other incentives shall be offered to existing and new players, such as Saudi Aramco, to upgrade and set up deep-conversion oil refineries in the country to further reduce our dependence on imported petrol and diesel,” Gauhar added.
During a visit to Islamabad in 2019 by Saudi Crown Prince Mohammed bin Salman’s, the two countries signed seven investment agreements worth $21 billion, including for a $10 billion Aramco oil refinery and a $1 billion petrochemical complex.
“As Pakistan is now one of the biggest LNG [Liquefied natural gas] importers regionally, we look forward to also having a strategic dialogue with state-owned Saudi companies for a long term supply arrangement on mutually beneficial terms and conditions,” Gauhar said.
He also expressed interest in Saudi participation in Pakistan’s renewable energy sector through upcoming auctions in wind and solar projects. The government has said by 2030 it plans to generate 30 percent of its electricity through renewables to cut down carbon emission and reduce reliance on imported fossil fuel.
Pakistan welcomes energy sector investments as PM Khan visits Saudi Arabia
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Pakistan welcomes energy sector investments as PM Khan visits Saudi Arabia
- Pakistan to offer incentives to existing and new players to upgrade and set up oil refineries under a new policy
- Anticipates ‘strategic dialogue’ with state-owned Saudi companies for long term LNG supply arrangement
Pakistani, Bangladeshi officials discuss trade, investment and aviation as ties thaw
- Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war
- Ties between Pakistan, Bangladesh have warmed up since last year and both nations have resumed sea trade
ISLAMABAD: Pakistan's High Commissioner to Bangladesh Imran Haider on Sunday met Chief Adviser Muhammad Yunus in Dhaka, the latter's office said on, with the two figures discussing trade, investment and aviation.
Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war, which saw the part previously referred to as East Pakistan seceding to form the independent nation of Bangladesh.
Ties between Pakistan and Bangladesh have warmed up since former prime minister Sheikh Hasina’s ouster as a result of a student-led uprising in August 2024. Relations remain frosty between Dhaka and New Delhi over India’s decision to grant asylum to Hasina.
Pakistan has attempted to forge closer ties with Bangladesh in recent months and both South Asian nations last year began sea trade, followed by efforts to expand government-to-government commerce.
"During the meeting, both sides discussed ways to expand cooperation in trade, investment, and aviation as well as scaling up cultural, educational and medical exchanges to further strengthen bilateral relations between the two South Asian nations," Yunus's office said in a statement on X.
In 2023-24 Pakistan exported goods worth $661 million to Bangladesh, while its imports were only $57 million, according to the Trade Development Authority of Pakistan. In Aug. this year, the Pakistani and Bangladeshi commerce ministries signed a memorandum of understanding to establish a Joint Working Group on Trade, aiming to raise their bilateral trade volume to $1 billion in the financial year that began in July.
The Pakistani high commissioner noted that bilateral trade has recorded a 20 percent growth compared to last year, with business communities from both countries actively exploring new investment opportunities, according to the statement.
He highlighted a significant increase in cultural exchanges, adding that Bangladeshi students have shown strong interest in higher education opportunities in Pakistan, particularly in medical sciences, nanotechnology, and artificial intelligence. Haider also said that Dhaka-Karachi direct flights are expected to start in January.
"Chief Adviser Professor Muhammad Yunus welcomed the growing interactions between the two countries and emphasized the importance of increased visits as well as cultural, educational and people-to-people exchanges among SAARC (South Asian Association for Regional Cooperation) member states," the statement read.
"Professor Yunus also underscored the need to further boost Bangladesh–Pakistan trade and expressed hope that during Mr. Haider’s tenure, both countries would explore new avenues for investment and joint venture businesses."
