Islamabad: Pakistan and Saudi Arabia have finalized an agreement regarding the construction of the multi-billion Aramco oil refinery in the port city of Gwadar – a news source reported. The oil refinery is the biggest Saudi investment project of in Pakistan.
Information Minister Fawad Chaudhry said that the official signing ceremony will take place in February. Key government officials are expected to attend the ceremony.
Earlier in December, Pakistan received its second bailout package worth USD 1 billion from Saudi Arabia. Another Saudi financial package is expected to arrive this month.
During his visit to Saudi Arabia, Prime Minister Imran Khan had secured a bailout package to help address Pakistan’s balance of payments crisis. Riyadh had pledged USD 3 billion for a year, and also agreed to provide a one-year deferred payment facility for import of oil worth USD 3 billion.
