Saudi Arabia to invest in Gwadar oil refinery

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Zahid Chaudhary

Islamabad

The Federal Cabinet at its meeting here on Thursday accorded approval to the agreements discussed between Pakistan and Saudi Arabia during a visit of the Kingdom’s delegation last week. Prime Minister Imran Khan chaired the meeting.
Information Minister Fawad Chaudhry while briefing the media along with Petroleum Minister Ghulam Sarwar after the cabinet meeting said an approval has been accorded for the construction of an oil refinery in Gwadar.
The information minister further added Saudi Arabia will make an investment of Rs30 billion in Pakistan pertaining to the discovery of oil and gas.”
To this, Petroleum Minister Ghulam Sarwar added saying, Saudi Arabia is interested in Gwadar and the China-Pakistan Economic Corridor and has expressed the desire to immediately invest in an oil refinery.”
“It has been agreed that it will be a government to government agreement, Sarwar further added. “Saudi Arabia’s minister of energy will visit Islamabad next month,” he further said while adding that the volume and other details are yet to be decided. The Petroleum Minister said Pakistan has also offered several other important projects to Saudi Arabia for investment and the Kingdom has promised to consider these proposals. They include North South and South North pipelines and exploration of oil and gas in different parts of the country.
Ghulam Sarwar said Saudi Arabia expressed keen interest in investing in different sectors of Pakistan’s economy during recent visit of Prime Minister Imran Khan to Riyadh.
He said a delegation from UAE would also be visiting Pakistan to explore prospects of investment in Pakistan.
The Information Minister said the cabinet constituted a Task Force headed by Defence Minister Pervez Khattak to decide about utilization of two thousand four hundred and sixty-seven properties of Federal, Punjab and KPK Governments.
He said as already decided, a modern centre of excellence would be set up at the site of PM House. The cabinet approved initial framework of the centre. A forum has been instituted under the leadership of Education Minister Shafqat Mahmood for further processing. He said five hundred and twenty-eight employees of the PM House have come down to a few ones and others have been assigned to the surplus pool.
The Information Minister said the cabinet decided to remove all those illegally appointed by former Finance Minister Ishaq Dar in important departments. These include Saeed Ahmad President National Bank; Tahira Raza President First Women Bank, Syed Talat Mahmood CEO of Zarai Taraqiati Bank, Ehsanul Haq Khan President SME Bank; Jameel Ahmad and Shamsul Hassan of State Bank and three officials of Competition Commission of Pakistan.

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