Saudi Arabia to set up $10 billion oil refinery in Pakistan

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

Saudi Arabia to set up billion oil refinery in Pakistan — Crown Prince Mohammad bin Salman is expected to visit Pakistan in February to sign the agreement. (File Photo)

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.