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Pakistan, Saudi Arabia agree to expedite investment projects signed in February
Updated 3 min 18 sec ago
KHURSHID AHMED
September 05, 2019
A general view of Gwadar port in Gwadar, Pakistan, October 4, 2017. (Reuters)
A Saudi delegation headed by the Kingdom’s Deputy Minister of Energy, Industry and Mineral Resources Khalid bin Saleh Al-Mudaifer met Prime Minister’s Adviser on Commerce Abdul Razak Dawood and Chairman Board of Investment (BoI) Zubair Gilani to review progress on the implementation of investment projects.
“The visiting Saudi delegation held discussions to expedite projects in energy, petroleum and mining sectors,” a BoI official, who declined to be named, told Arab News.
During the meeting, the Saudi “delegation appreciated the progress on the investment front made during the previous year and described it as more the combined progress of the last ten years,” the official added.
Pakistan has also offered Saudi investors to explore investment opportunities in power sector which has already been identified for privatization.
Saudi Arabia is also interested in the mining sector, especially in the mineral resources of the country’s southwestern Balochistan province. “Mining in Balochistan is a provincial subject but the BoI has assured full support to Saudi investors. Where the potential exists, the BoI will support the implementation of projects,” the official informed.
Faced with energy shortage, Pakistan is taking steps to increase the share of renewable energy in its total energy mix which is dominated by fossil fuel at present. “During the meeting it was also decided to speed up the progress on the project for renewable power generation in Balochistan,” the official said.
Pakistan and Saudi Arabia had signed seven investment agreements during Crown Prince Mohammed bin Salman’s official visit to Islamabad in February this year.
These consist of a mega oil refinery that will be constructed in Pakistan’s Balochistan province for $11 billion and will house a petrochemical complex project in Gwadar deep-sea port.
The proposed mega oil refinery and petrochemical complex to be set up by Saudi Arabia will help Pakistan with technology, skill enhancement and human capital development. It will also result in employment generation and development of downstream, allied sectors.
www.arabnews.pk
Updated 3 min 18 sec ago
KHURSHID AHMED
September 05, 2019
A general view of Gwadar port in Gwadar, Pakistan, October 4, 2017. (Reuters)
- Saudi deputy minister of energy meets Pakistan’s commerce minister and BoI chief
- The two sides review progress on investment in energy, petroleum and mining sectors
A Saudi delegation headed by the Kingdom’s Deputy Minister of Energy, Industry and Mineral Resources Khalid bin Saleh Al-Mudaifer met Prime Minister’s Adviser on Commerce Abdul Razak Dawood and Chairman Board of Investment (BoI) Zubair Gilani to review progress on the implementation of investment projects.
“The visiting Saudi delegation held discussions to expedite projects in energy, petroleum and mining sectors,” a BoI official, who declined to be named, told Arab News.
During the meeting, the Saudi “delegation appreciated the progress on the investment front made during the previous year and described it as more the combined progress of the last ten years,” the official added.
Pakistan has also offered Saudi investors to explore investment opportunities in power sector which has already been identified for privatization.
Saudi Arabia is also interested in the mining sector, especially in the mineral resources of the country’s southwestern Balochistan province. “Mining in Balochistan is a provincial subject but the BoI has assured full support to Saudi investors. Where the potential exists, the BoI will support the implementation of projects,” the official informed.
Faced with energy shortage, Pakistan is taking steps to increase the share of renewable energy in its total energy mix which is dominated by fossil fuel at present. “During the meeting it was also decided to speed up the progress on the project for renewable power generation in Balochistan,” the official said.
Pakistan and Saudi Arabia had signed seven investment agreements during Crown Prince Mohammed bin Salman’s official visit to Islamabad in February this year.
These consist of a mega oil refinery that will be constructed in Pakistan’s Balochistan province for $11 billion and will house a petrochemical complex project in Gwadar deep-sea port.
The proposed mega oil refinery and petrochemical complex to be set up by Saudi Arabia will help Pakistan with technology, skill enhancement and human capital development. It will also result in employment generation and development of downstream, allied sectors.
Pakistan, Saudi Arabia review investment projects signed in February
KARACHI: Pakistan and Saudi Arabia on Thursday discussed ways to expedite work on the Kingdom’s investment projects pledged under the $21 billion deals signed between the two countries in February this year. A Saudi delegation headed by the Kingdom’s Deputy Minister of Energy, Industry and...
www.arabnews.pk
