High-profile Saudi officials to reach Pakistan today

ISLAMABAD: A Saudi delegation comprising key ministers of Kingdom are due to arrive in Pakistan today (Sunday).

As announced by Federal Information Minister Fawad Chaudhry, the delegation will consist of the Saudi investment head, minister for petroleum and minister for energy.

The visit has been in line with the previous announcement by the  government pertaining to Islamabad’s invitation to Riyadh for making investments in China-Pakistan Economic Corridor (CPEC) as well as other infrastructure projects countrywide.

The delegation is expected to sign five important Memorandums of Understanding (MoUs) with the government and prospect of setting up oil refineries in Gwadar will come under discussion as well, as per the sources.

During its six-day visit to Pakistan, the Saudi delegation will also sign an MoU to make investments in the Balochistan Reko Diq gold and copper mines, the sources further informed that agreements to privatise two Liquefied Natural Gas (LNG) power plants and sale of phosphate-containing fertilisers to Pakistan are also expected to be signed by the delegation.

Few day earlier, during a press conference, Minister Fawad Chuadhry said, “The kingdom has expressed interest in investing with us for CPEC projects as well as infrastructure development and to that end is bringing major investments here.”

Pakistan and Saudi Arabia have lately signed three Memorandum of Understandings (MoUs) for grant projects in Azad Jammu and Kashmir and Khyber Pakhtunkhwa for the health and education sectors.

Secretary Economic Affairs Division Syed Ghazanfar Abbas Jilani and the chief executive officer Saudi Fund for Development (SFD) signed the MoUs on behalf of their respective governments.