Saudi Arabia agrees to invest in new oil refinery in Pakistan’s Gwadar

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Saudi Arabia agrees to invest in new oil refinery in Gwadar My Country

ISLAMABAD: Saudi Arabia has agreed in principle to invest in a new oil refinery in Pakistan’s deep-water port of Gwadar, the petroleum minister said.

The state-owned Pakistan State Oil (PSO) will partner with Saudi state oil giant Aramco on the project, Petroleum Minister Ghulam Sarwar Khan told reporters.

“They showed an interest to immediately invest in the refinery,” Khan said, describing a visiting Saudi delegation.

“We sat down and held initial discussions with them and it was principally decided by both sides that it will be a government-to-government agreement.” Details of the refinery’s costs and scope are to be worked out later, he added.

Saudi Arabia agrees to invest in new oil refinery in Gwadar My Country