Haberler    English    العربية    Pусский    Kurdî    Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 24/01/2019 06:36 
10.01.2019 11:13 News >> Pakistan, S. Arabia To İnk Oil Refinery Deal Next Month

Pakistan, S. Arabia To İnk Oil Refinery Deal Next Month

Finance minister says agreement to be signed during Saudi Crown Prince bin Salman's proposed visit to Islamabad.

Pakistan and Saudi Arabia are set to sign a deal to establish an oil refinery in Pakistan's southwestern strategic port city of Gwadar, a key route of the multi-billion dollar China-Pakistan Economic Corridor (CPEC), officials said.

The agreement, which is part of a total $10 billion planned Saudi investment in Pakistan, is likely to be signed during the proposed visit of Crown Prince Mohammad bin Salman to Islamabad next month, Pakistani Finance Minister Asad Umar told reporters, adding that several other MoUs would also be signed during bin Salman's visit.

Foreign Ministry spokesman Muhammad Faisal, however told Anadolu Agency that there was no official announcement or finalization of dates vis-a-vis bin Salman's visit.

Local English daily Dawn, "ing Board of Investment head Haroon Sharif, reported that Saudi Arabia was interested in Pakistan's four sectors -- oil refinery, petrochemicals, renewable energy and mining.

"We are expecting $10 billion plus Saudi investment and the MoUs to be signed in this regard will not be common or vague, but concrete agreements," Sharif was "ed as saying.

The $10 billion investment will follow a $6-billion package announced by Riyadh in October to ail cash-strapped Islamabad.

According to experts, Saudi Arabia is mostly exporting its oil through its western ports on the Red Sea. Gwadar port will give the kingdom another option.

In September last year, Pakistan had formally invited Saudi Arabia to join the CPEC as a "third strategic partner", however a reported disagreement with China over the inclusion of a third partner in the mega project could not materialize the offer.

Nevertheless Riyadh has agreed to invest in CPEC-related projects. It has already announced the financing of three CPEC projects in the northwestern Khyber Pakhtunkhwa province and Pakistan-administered Kashmir.

The mega project signed in 2014 aims to connect China's strategically important northwestern Xinxiang province to the port of Gwadar through a network of roads, railways and pipelines in order to transport cargo, oil and gas.

The economic corridor will not only provide China with cheaper access to Africa and the Middle East, but will also earn Pakistan billions of dollars for providing transit facilities to the world's second largest economy. -



        Latest News
Update 2 - Venezuela's Maduro Cuts Ties With US Amid Protests -19 minutes ago...
President’s move comes after U.S. recognized opposition controlled National Assembly's head as 'acting president'
US Bucks Maduro, Will Keep Diplomats İn Venezuela 11 minutes ago...
Secretary of State Mike Pompeo says US ‘does not recognize the Maduro regime as the government of Venezuela’
US Expresses Concern For 'Arbitrary' Force İn Sudan -19 minutes ago...
State Dept. condemns 'use of violence' in almost month long protests.
Rare Slave Memoir İn US Tells Story Of African Muslim 11 minutes ago...
Omar ibn Said’s autobiography written in Arabic, a language hardly understood by anyone in US in early 1800s.
Update - Venezuela's Maduro Cuts Ties With US Amid Protests 26 minutes ago...
President’s move comes after U.S. recognized opposition controlled National Assembly's head as 'acting president'

 
      Top News
Afghan Forces Kill Plotter Behind Suicide Bombing Afghan Forces Kill Plotter Behind Suicide Bombing
Morocco Arrests Daesh Cell Morocco Arrests Daesh Cell
Football: Asian Cup 2019 Quarterfinals To Kick Off Football: Asian Cup 2019 Quarterfinals To Kick Off
Thai King Ends Uncertainty, İssues Election Decree Thai King Ends Uncertainty, İssues Election Decree
China Recognizes Afghan Taliban As Political Force China Recognizes Afghan Taliban As Political Force
Us: Pence Urges Venezuelans To Back Opposition Leader Us: Pence Urges Venezuelans To Back Opposition Leader
Palestinian Killed By Israeli Airstrike İn Eastern Gaza Palestinian Killed By Israeli Airstrike İn Eastern Gaza
Turkey's 3Rd Antarctic Expedition To Kick Off Next Week Turkey's 3Rd Antarctic Expedition To Kick Off Next Week
Briton, Greek Soldier Arrested For Spying Briton, Greek Soldier Arrested For Spying
Brexit: Labour Calls For Vote On Second Referendum Brexit: Labour Calls For Vote On Second Referendum