Saudi Arabia to set up $10 billion oil refinery in Pakistan

Heinz-Peter Bader | Reuters

Saudi Arabia’s Energy Minister Khalid al-Falih arrives for a gathering of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016.

Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi vitality minister mentioned on Saturday, talking on the Indian Ocean port that’s being developed with the assistance of China.

Pakistan needs to appeal to funding and different monetary help to deal with a hovering present account deficit triggered partly by rising oil costs. Last yr, Saudi Arabia provided Pakistan a $6 billion bundle that included assist to finance crude imports.

“Saudi Arabia wants to make Pakistan’s economic development stable throughestablishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor,” Saudi Energy Khalid al-Falih advised reporters in Gwadar.

He mentioned Crown Prince Mohammad bin Salman would go to Pakistan in February to signal the settlement. The minister added that Saudi Arabia would additionally make investments in different sectors.

Beijing has pledged $60 billion as a part of the China Pakistan Economic Corridor (CPEC) that entails constructing energy stations, main highways, new and upgraded railways and better capability ports, to assist flip Pakistan into a significant overland route linking western China to the world.

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