Federal Minister of Petroleum and Water Resources Dr Musadik Malik says that Pakistan signed memorandums of understanding (MoUs) worth over $2 billion with Saudi Arabia in the recent past.
However, now, not only have agreements been signed on five of those memoranda, but transactions have also been initiated.
Speaking with Samaa TV in Riyadh, Malik called this development a crucial phase in strengthening Pakistan's economy.
Malik explained that out of the 22 to 24 MoUs previously signed worth $2.2 billion, five have progressed to formal contracts, and the projects under these agreements are now underway. He acknowledged that there was often criticism that MoUs are often signed, adding that transactions have commenced as per the contracts of five projects.
Malik emphasized the significance of this development, asserting that the finalized agreements demonstrate a substantial advancement in Pakistan's journey toward economic development. He underlined the importance of this partnership with Saudi Arabia, which could bring lasting economic benefits and stability to the region.
The government, he said, views this collaboration as a strategic effort to drive growth in the petroleum and resource sectors, anticipating that these projects will contribute to the broader vision of economic transformation in Pakistan.
