Islamabad: Talks regarding an oil refinery worth USD 8 billion with Saudi Arabia are in their final stages, according to a news source. The Kingdom of Saudi Arabia has agreed in principle to set up this refinery and also committed to invest in the energy sector.
A summary regarding this would be presented to the federal cabinet and for approval for the signing of a Memorandum of Understanding (MoU). The Saudi Minister for Energy is expected to visit Islamabad this month for this MoU and the visiting delegation had also been offered to participate in the USD 2 billion North-South Gas Pipeline and bud for the 10 upcoming petroleum exploration blocks to be auctioned soon.
