According to Saudi English Daily Arab News, Pakistan and Saudi Arabia are set to sign a Memorandum of Understanding (MoU) for the construction of a multi-billion dollar Saudi Aramco oil refinery in Gwadar.
A cabinet member confirmed that Saudi Crown Prince Mohammad bin Salman would arrive in the country in the first week of February and an MoU for establishing a petro-chemical complex was still being worked out on the request of Riyadh.
Pakistan has already received $2bn in cash deposit from Saudi Arabia at an interest rate of 3.18pc while the third tranche of $1bn is due in the first week of February. The Saudi oil facility would also start rolling out this month with an average $274 million per month.
According to Arab News, it is expected that Pakistan will sign a number of investment deals including the construction of mega oil refinery in the month of February in the presence of a high-level Saudi delegation. The conformation to this effect was given by Information Minister Fawad Chaudhry.
“A 15-member delegation of Saudi Arabia visited Gwadar from Karachi as part of the finalisation process of the MoU for Aramco oil refinery,” Haroon Sharif, Minister of State and Chairman of Pakistan Board of Investment (BoI), told Arab News.
Last month, Finance Minister Asad Umar had said that an incoming investment package from Saudi Arabia, which promises to be “the biggest foreign investment in Pakistan history”, will be announced soon.