Govt all set to finalize $14b oil refinery contract with Saudi Arabia

ISLAMABAD: Minister of State for Petroleum Musadik Malik said that Pakistan is all set to finalize the $14 billion oil refinery contract with Saudi Arabia, ARY News reported.

As per details, Musadik Malik said that the $14 billion oil refinery contract is in the final stages and a few countries from the Gulf Cooperation Council have also shown interest in joining the deal.

He said that Pakistan will build a modern oil refinery which will cost $14 billion and it will help in increasing the capacity of crude oil processing.

Earlier, Finance Minister Ishaq Dar said Pakistan received external financing of $2 billion from Saudi Arabia.

“State Bank of Pakistan received funds from Saudi Arabia,” Ishaq Dar said while addressing a press conference in Islamabad. Saudi deposits will help in establishing Pakistan’s foreign reserves, he added.

Dar lauded Saudi Arabia’s commitment to standing with Pakistan in every tough situation. He also thanked Saudi Arabian leadership on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff (COAS) General Asim Munir.

It is pertinent to mention here that last year, it was revealed that the lack of an oil refinery policy stopped the federal government from making progress on $8 billion investments by Saudi Arabia. Officials had told the Public Accounts Committee (PAC) that Pakistan failed to make progress on Saudi Arabia’s $8 billion investment plan due to a lack of an oil refinery policy.