ADD ANI AS A TRUSTED SOURCE
googleads
Menu
Asia

Pak approves Saudi investment in Gwadar

Islamabad [Pakistan] Oct 05 (ANI): Pakistan's federal cabinet on Thursday gave its approval to Saudi Arabia for establishing an oil refinery in the port city of Gwadar.

ANI Oct 05, 2018 07:10 IST googleads

Representational Image

Islamabad [Pakistan] Oct 05 (ANI): Pakistan's federal cabinet on Thursday gave its approval to Saudi Arabia for establishing an oil refinery in the port city of Gwadar.
"The cabinet has approved the draft of memorandum of understanding (MoU) Pakistan and Saudi Arabia expected to sign soon for the establishment of refinery," The Express Tribune quoted Petroleum Minister Ghulam Sarwar Khan as saying while addressing a presser.
"China has no reservations over Saudi investment in Pakistan," Khan added.
This marks the first major investment made in Pakistan by Saudi during the tenure of the Pakistan Tehreek-e-Insaf government.
The Petroleum Minister said that a Saudi delegation, headed by the Advisor on Energy Ahmad Hamed Al-Ghamdi, had recently agreed to sign a government to government contract for the refinery in Gwadar following an inspection of the proposed site.
The city was found to be viable in every aspect by the delegation, who relayed their eagerness to immediately invest in the country's refinery sector, Khan added.
"The Saudi energy minister is expected to arrive in Pakistan by the end of this month or the beginning of November to formally sign the contract," the Petroleum Minister said, adding that the Saudi has also showed interest in investing in other projects, including China-Pakistan Economic Corridor (CPEC) projects.
"Currently, Pakistan needs three to four more oil refineries and we will welcome Saudis, Chinese, UAE, Russian or any other country to invest in the establishment of refineries. Pakistan will provide better investment environment to investors," Khan said. (ANI)

Get the App

What to Read Next

Asia

MoCA closely monitoring air travel situation in West Asia

MoCA closely monitoring air travel situation in West Asia

The Ministry of Civil Aviation is closely monitoring the evolving situation in the West Asia region and its impact on air travel between India and countries in the region. Airlines are undertaking necessary operational adjustments in view of the prevailing conditions to ensure passenger safety and the orderly conduct of flight operations.

Read More
US

Ending Iran's nuclear ambitions over oil profits: Trump clarifies

Ending Iran's nuclear ambitions over oil profits: Trump clarifies

In a post by the White House, President Trump, while acknowledging that the United States is currently the world's leading oil producer and stands to benefit financially from higher crude prices, emphasised that his administration's overriding mission remains the permanent dismantling of Iran's nuclear program.

Read More
Europe

Blasphemy laws in Pakistan target religious minorities: GHRD

Blasphemy laws in Pakistan target religious minorities: GHRD

At the 61st session of the United Nations Human Rights Council, the organisation Global Human Rights Defence (GHRD) raised concerns over the continued misuse of blasphemy laws in Pakistan and their impact on religious minorities.

Read More
Asia

"US will never risk sending its navy to open up Strait of Hormuz”

Sibal argued that the US is unlikely to risk a naval operation to forcibly "reopen" the Strait of Hormuz as the deep-water channel necessary for large vessels lies within Iranian territorial waters. Iran does not need sophisticated long-range missiles to defend this corridor; short-range missiles, torpedoes, and mines can easily sink high-value naval assets.

Read More
US

Brazil’s Silveira rules out fuel shortages, slams speculation

Brazil’s Silveira rules out fuel shortages, slams speculation

Speaking to journalists, Silveira said the country's fuel supply remains stable and the government is closely monitoring developments in the international oil market as well as domestic price movements.

Read More
Home About Us Our Products Advertise Contact Us Terms & Condition Privacy Policy

Copyright © aninews.in | All Rights Reserved.