KSA to invest USD 10 bn in Gwadar

Islamabad: Petroleum Minister Ghulam Sarwar Khan has confirmed that Saudi Arabia will invest USD 10 billion in Gwadar.

Saudi Arabia will fund the construction of an oil refinery and a petro-chemical complex. The plan will refine 2-3, 00,000 tonnes of oil per day. The construction process is expected to commence this year.

Read: Pakistan signs USD 6.2 bn support package with UAE

Riyadh has also expressed its willingness to fund a fertiliser factory, along with several energy projects. Recently, the Saudi oil minister offered to export LNG to Pakistan.

The agreements are expected to be signed during the visit of Saudi Prince Mohammad bin Salman bin Abdulaziz. An MoU agreement on investment framework is also expected with the United Arab Emirates (UAE) next month.

Read: Pakistan receives second tranche from Saudi Arabia

This Saudi investment will come in addition to the USD 6 billion bailout package.

During his visit to Saudi Arabia, Prime Minister Imran Khan had secured the deal to help address Pakistan’s balance of payments crisis.