Aramco Oil Refinery is to be constructed in the deep port city—Gwadar, as per the details of the finalised memorandum of understanding (MoU) between Pakistan and Saudi Arabia. The officials informed about the finalisation of this multi-billion-dollar deal on Thursday.
Pakistan expects inking a number of investment agreements, which include the construction of mega oil refinery, in the upcoming month of February in the presence of a high-level Saudi delegation, as confirmed by the Information Minister—Fawad Chaudhry.
He added that the project of the oil refinery is the biggest investment project of the Kingdom of Saudi Arabia in Pakistan.
Pakistan and Saudi Arabia have recently shown renewed interest in boosting the bilateral strategic and trade relations while the Kingdom also vowed $3billion in a bid to assist Pakistan financially out of its economic struggles.
Haroon Sharif—the Minister of State and Board of Investment said in an interview with an international publication that a delegation comprising of 15 members of Saudi Arabia paid a visit to Gwadar from Karachi as part of the finalisation process of the MoU for the Aramco Oil Refinery.
He added that they have finalised the MoU for the construction of the Aramco Oil Refinery. He further added that overall matters have been decided and agreed upon by both the nations and the deal would be signed at an appropriate time.
Pakistan expects $15billion investment from the Kingdom after the visit of the prime minister—Imran Khan to Saudi Arabia.
As part of the investment plan, the Saudi Aramco would be building a petrochemical complex housing multi-billion-dollar refinery.
Pakistan expects to attract more than $40billion in the name of foreign direct investment (FDI) during the span of the next 5 years. Sharif mentioned in one of his recent interviews that they estimate that nearly $40billion investment would be made by these 3 nations—the Kingdom of Saudi Arabia, China and the United Arab Emirates in the next 3 to 5 years.