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Saudi Arabia to make historic investment in Pakistan: Al-Falih

KARACHI: Saudi Minister of Energy and Industry, Prince Engineer Khalid Abdulaziz Al-Falih has said that Saudi Arabia will make historic investment in Pakistan.        

He expressed these views during a meeting with Minister for Petroleum Ghulam Sarwar Khan and Minister for Maritime Affairs, Syed Ali Haider Zaidi in Gwadar, according to state-owned Radio Pakistan.

Both the sides reviewed possibilities of expanding exports and discussed the prospects of active cooperation to realize the existing potential of the Gwadar Port. They also discussed possibilities of financial cooperation to enable Pakistan exploit energy, sanitation and mineral resources.

The Saudi Minister said mutual cooperation of Pakistan, China and Saudi Arabia on Gwadar Port, which is located in an important region, as exemplary.

A delegation of top officials led by Petroleum Minister Ghulam Sarwar Khan and Balochistan’s provincial ministers received the Saudi Minister upon his arrival in Pakistan on Saturday.

“The state of art oil refinery in Gwadar will be launched with the Saudi investment,” said Petroleum Minister Khan. “The project will be the biggest investment by Saudi Arabia in Pakistan.”

A Memorandum of Understanding (MoU) in regard to the project will be signed during the upcoming visit of Saudi Crown Prince Mohammad bin Salman in February, he added.

Sources relayed that officials in Islamabad and Riyadh will likely sign additional MoUs pertaining to cooperation in mineral resources.”The kingdom is interested for investment in oil refinery, petrochemicals, renewable energy and mining apart from the $10bn plus Saudi investment which is expected to be signed.”

The $10bn investment will be in addition to the Saudi package of $6bn approved by the kingdom to Pakistan during Prime Minister Imran Khan’s visit to Saudi Arabia in October last year.

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