Tuesday, October 3, 2023

Saudi Arabia to Invest $15 Billion in Pakistan for Setting Up an Oil Refinery

Pakistan has been making notable strides in its efforts to establish an oil refinery, and it is now on track to finalize an agreement with Saudi Arabia. The agreement is expected to be signed during the first week of August at the World Mineral Conference, which Pakistan is hosting.

The World Mineral Conference is an international event scheduled to take place over two days, starting on July 31. Pakistan has extended invitations to Saudi Arabia, the United Arab Emirates (UAE), and other countries to participate in the conference. The primary objective of this conference is to facilitate discussions and collaborations specifically in the mineral sector.

By hosting the conference, Pakistan aims to create a platform for industry experts, policymakers, and investors to engage in productive conversations about the mineral sector. It presents an opportunity for various stakeholders to explore potential investments, form partnerships, and foster the development of the mineral industry in Pakistan.

Signing the agreement with Saudi Arabia during this conference would be a significant milestone for Pakistan’s oil refinery project. It signifies the willingness of both countries to collaborate and work towards mutual benefits in the oil sector. This partnership is expected to bring economic advantages and contribute to the overall growth and development of Pakistan’s energy infrastructure.

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