Riyadh: Saudi Arabia has assured the early start of the $10 billion oil refinery project, Pakistani Ambassador Raja Ali Ijaz said that the Saudi Minister of Investment has assured that government of Pakistan is serious about the early launch of a multi-billion dollar mega project in Pakistan.
According to details, Pakistan’s Ambassador to Saudi Arabia Raja Ali Ijaz said that he had an important meeting with the Minister of Investment of Saudi Arabia which proved to be very useful. The Pakistani ambassador said that the minister of Saudi Arabia had assured that his country would soon start regular work on the 10 10 billion oil refinery project in Pakistan.
The Saudi government is serious about the plan. There has been some delay due to the global crisis caused by the coronavirus, but progress will be made to start regular work on the project as soon as conditions improve.
It was further stated that the Saudi monarch has also approved an investment of $10 billion for Pakistan. It has been reported that a meeting chaired by Saudi King Salman a few months ago discussed investment issues for the construction of an oil refinery in Pakistan. After deliberation, Shah Salman approved the start of construction of an oil refinery in Pakistan.
Under the project, Saudi Arabia will build a multi-billion dollar oil refinery in Gwadar, Pakistan’s coastal city, the most important city for CPEC. The process of hiring technicians for the Gwadar Oil Refinery project was started in October last year. It should be noted that Crown Prince Muhammad bin Salman of Saudi Arabia announced an investment of more than $20 billion during his visit to Pakistan last year.
A special Saudi delegation visited Pakistan last year to ensure implementation of the agreements, during which it was announced that construction of the Gwadar Oil Refinery would begin soon. The Gwadar Oil Refinery project will be the largest energy project in the country’s history.
With the completion of this project, Pakistan will be largely self-sufficient in terms of its energy needs. The project will enable Pakistan to stockpile more petroleum products. More reserves will stabilize the prices of petroleum products in Pakistan, which will also lead to positive results for the country’s economy.
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