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2019-01-14 11:15:00

SAUDI'S INVESTMENT FOR PAKISTAN: $10 BLN

SAUDI'S INVESTMENT FOR PAKISTAN: $10 BLN

REUTERS - Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan's deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the help of China.

Pakistan wants to attract investment and other financial support to tackle a soaring current account deficit caused partly by rising oil prices. Last year, Saudi Arabia offered Pakistan a $6 billion package that included help to finance crude imports.

"Saudi Arabia wants to make Pakistan's economic development stable through establishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor," Saudi Energy Khalid al-Falih told reporters in Gwadar.

He said Crown Prince Mohammad bin Salman would visit Pakistan in February to sign the agreement. The minister added that Saudi Arabia would also invest in other sectors.

Beijing has pledged $60 billion as part of the China Pakistan Economic Corridor (CPEC) that involves building power stations, major highways, new and upgraded railways and higher capacity ports, to help turn Pakistan into a major overland route linking western China to the world.

"With setting up of an oil refinery in Gwadar, Saudi Arabia will become an important partner in CPEC," Pakistan Petroleum Minister Ghulam Sarwar Khan said.

The Saudi news agency SPA earlier reported that Falih met Pakistan's petroleum minister and Maritime Affairs Minister Ali Zaidi in Gwadar to discuss cooperation in refining, petrochemicals, mining and renewable energy.

It said Falih would finalize arrangements ahead of signing memorandums of understanding.

Since the government of Prime Minister Imran Khan came to power in August, Pakistan has secured economic assistance packages from Saudi Arabia, the United Arab Emirates and China.

In November, Pakistan extended talks with the International Monetary Fund as it seeks its 13th bailout since the late 1980s to deal with a looming balance of payments crisis.

The Pakistani prime minister's office had said on Thursday that Islamabad expected to sign investment agreements with Saudi Arabia and the UAE in coming weeks.

 

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Earlier:

UAE HELP PAKISTAN $3 BLN
2018, December, 24, 11:30:00

UAE HELP PAKISTAN $3 BLN

AN - The United Arab Emirates plans to deposit $3 billion in Pakistan's central bank "in the next few days", the UAE state news agency WAM reported on Friday, while a Pakistani official said Islamabad also hopes it will allow deferred payments for oil supplies.

 

 
 QATAR'S LNG FOR PAKISTAN
2018, December, 17, 10:15:00

QATAR'S LNG FOR PAKISTAN

TP - With fast growing demand and expanding gas receiving capacity in Pakistan, the South Asian nation is expected to source more liquefied natural gas (LNG) from Qatar, said the country’s visiting Finance Minister Asad Umar.

 

 SAUDIS, PAKISTAN INVESTMENT: $6 BLN
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

 

 

 SAUDIS - PAKISTAN SUPPORT: $6 BLN
2018, October, 24, 11:15:00

SAUDIS - PAKISTAN SUPPORT: $6 BLN

REUTERS - Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis, Pakistan’s government said on Tuesday.

 

 PAKISTAN - RUSSIA GAS PIPELINE: $10 BLN
2018, September, 28, 09:50:00

PAKISTAN - RUSSIA GAS PIPELINE: $10 BLN

ET - In a major breakthrough, Pakistan and Russia are set to sign a $10-billion offshore gas pipeline deal on September 27 in Moscow, a project planned by the latter to capture the energy market of Pakistan.

 

 

 РУССКИЙ ГАЗ ДЛЯ ПАКИСТАНА
2018, February, 27, 13:35:00

RUSSIAN GAS FOR PAKISTAN

GAZPROM - The parties discussed the prospects for bilateral cooperation, including the potential for supplying LNG from the Gazprom Group’s portfolio to Pakistan, as well as collaborating in hydrocarbon exploration and production in the country.

 PAKISTAN OIL DEMAND UP 13%
2017, March, 14, 18:35:00

PAKISTAN OIL DEMAND UP 13%

Pakistan's economy expanded 4.2% in 2016, foreign investment has continued to grow -- attracted by the multi-billion dollar China-Pakistan Economic Corridor project -- and improvements in the country's security front, following the government's efforts to combat terrorism, have also led to economic gains and additional investment.

 

 

Tags: SAUDI, ARAMIA, PAKISTAN, INVESTMENT

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