Saudi Arabia shows interest to invest in alternative energy sector

ISLAMABAD: Saudi Arabia has shown interest to invest in alternative energy sector in Pakistan.

The interest was expressed by a Saudi delegation led by Adviser on Energy Ahmad Hamed Al-Ghamdi during a meeting with Energy Minister Omar Ayub Khan.

The minister informed the Saudi delegation about the power production and new hydro power projects in Pakistan. He said there is huge potential of investment in energy sector in Pakistan, and that foreign investors will be provided facilities at every level.

The Saudi delegation assured full cooperation for resolution of the problems in energy sector.

Meanwhile, the Saudi delegation also met Adviser on Trade Abdul Razzak Dawoodd and discussed ways to increase bilateral trade. During its visit, the Saudi delegation will also hold talks on promotion of bilateral ties and economic and trade cooperation.

The visit has been in line with an earlier announcement by the government pertaining to Islamabad’s invitation to Riyadh to invest 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 the prospect of setting up an oil refinery in Gwadar will come under discussion as well.

During its six-day visit to Pakistan, the delegation will also sign an MoU to make investments in the Balochistan Reko Diq gold and copper mines. It is also known 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.

Few days earlier, during a press conference, Information 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 has invited Saudi Arabia to become the third partner in the CPEC.