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Saudi Arabia will build a $ 10 billion oil refinery in Pakistan
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said the Saudi Energy Minister Khaled al - Faleh, said Saudi Arabia plans to establish an oil refinery worth ten billion Pakistani port of Gwadar overlooking the Indian Ocean.
Pakistan wants to attract investment and other forms of financial support to address the current account deficit, partly caused by rising oil prices. Saudi Arabia last year offered Pakistan a six-billion-dollar package that included subsidies to finance crude imports.
Al-Falih told reporters in Jawadar that Saudi Arabia was seeking to make Pakistan's economic growth stable by establishing an oil refinery and establishing a partnership with Pakistan through the economic corridor between China and Pakistan.
He added that Saudi Crown Prince Mohammed bin Salman would visit Pakistan in February to sign the agreement. He said Saudi Arabia would also invest in other sectors.
"By establishing an oil refinery in Gwadar, Saudi Arabia will be an important partner in the economic corridor between China and Pakistan," Pakistani Oil Minister Gholam Surur Khan said.
Al-Falih held talks with Khan and Ports Minister Ali Zaidi during a visit to Gwadar port on Saturday on cooperation in the fields of refining, petrochemicals, mining and renewable energy, the Saudi Press Agency reported.
The agency said the visit was aimed at "discussing the final arrangements for signing memorandums of cooperation, understanding and investment in the fields of refining" and other areas.
Since Prime Minister Imran Khan's government came to power in August, Pakistan has received economic aid packages from Saudi Arabia, the United Arab Emirates and China.
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