Pakistan, Saudi Arabia to sign $15b Gwadar oil refinery deal in Feb

January 7, 2019

A 15-member Saudi delegation visited Gwadar the port city in Balochistan as part of the finalization process of MoU for the Aramco oil refinery. (Photo courtesy: Saudi Embassy in Islamabad)

Pakistan and Saudi Arabia will sign a Memorandum of Understanding (MoU) in February for the construction of a “multi-billion dollar Saudi Aramco oil refinery” in Gwadar, Arab News reported Saturday.

Information Minister Fawad Chaudhry told the Arab daily that Pakistan is likely to sign a number of investment deals, including the construction of mega oil refinery, in February in the presence of a Saudi delegation. “The oil refinery project is the biggest investment project of Saudi Arabia in Pakistan,” he added.

Related: World’s third biggest oil refinery will be installed in Gwadar

Haroon Sharif, the chairperson of the Pakistan Board of Investment, said that a 15-member delegation of Saudi Arabia visited Gwadar to finalise the MoU for Aramco oil refinery. “We have finalised the MoU for the construction of Aramco oil refinery,” he said, adding that “overall directions have been agreed upon and the agreement will be signed at an ‘appropriate time’.”

Sharif said that he is expecting around $15 billion investment from Saudi Arabia in the next three years. “The inflow of investment for oil refinery and petrochemical complex in Pakistan is estimated to be between $6 billion to $10 billion.”

 
 
 
 
 

9 Comments

  1. Anonymous   January 7, 2019 9:32 pm/ Reply

    Before Pakistan signed the MOU what is the catch? Reason is that American would be behind all this deal. American India Israel playing on this game because they could not be on front so they may be playing on keeping Saudi Arabia on front and then involving in cpec. Saudi Arabia and UAE And India are the most beneficial while Pakistan has been suffering war on terror. So before grab the bounty look further long term consciousness.

  2. a.a.shah   January 7, 2019 10:06 pm/ Reply

    It will be a well coming boost for Pakistani Economy , Jobs both directly related and indirectly , will enhance Business activity , on the other hand Saudia will benefited from it and his share of oil supplies will increase whereas if Exxon succeed in Off-Shore oil Drilling in Pakistani sea then importance of this refinery will become more crucial

  3. Ammar   January 8, 2019 3:16 am/ Reply

    I am hoping that this leadership can take Pakistan to a new peaks of success by the bless of almighty Allah(s.w.t)

  4. Gwadar New Town   January 8, 2019 11:26 am/ Reply

    Jobs both directly related and indirectly , will enhance Business activity , on the other hand Saudia will benefited from it and his share of oil supplies will increase New Town Housing Scheme Gwadar

  5. ImranMohammad   January 8, 2019 5:33 pm/ Reply

    Pakistan will lose economically as long as local and overseas investors suffers, they need to fix internal problems before going external.

  6. Zafar   January 8, 2019 9:48 pm/ Reply

    Setting a refinery is good for Pakistan so Saudis r intending to refine there own oil for cheaper I think Pakistan is also becoming next China and imrans foreign policy is showing results such as Malaysian claim that his voice is heard from Pakistan in influence for mahatirs victory and investment policy on other hand Pakistan no doubt deserves it.

  7. Zohaib Baloch   January 8, 2019 11:31 pm/ Reply

    I’m X-ray welder piplain from Pakistan my experience 13 ayre I’m work in Saudi Arabia Aramco project McDermott offshor campani and Oman toco oil and gas industry work my Pon 00923212714498 / Email zohaibbaloch401@gmail.com

  8. Khadim Chaudhary   January 9, 2019 5:50 am/ Reply

    Pakistan will live when part of world community, not as an isolated country. World community is connected in fabric of democratic capitalism. If Pakistan becomes a different system like Iran, it will face problems which Pakistan, unlike an oil rich Iran, cannot endure. There is no point in talking always military power, focus on achieving economic power.

  9. Shabnam shoaiby.   January 14, 2019 9:32 pm/ Reply

    Not Mou…. now we immediately need this contract being signed and implemented.


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