A Saudi delegation arrived at Gwadar on Saturday to inspect the land allocated for a proposed oil refinery of approximately $ 8 billion, according to Petroleum Division. Federal Petroleum Minister Ghulam Sarwar Khan welcomed Saudi Minister Khalid Abdul Aziz D Al Falih at Gwadar. The Saudi minister of energy, industry and mineral resources is heading the delegation from Saudi Arabia.

On the occasion, Khan said that Pakistan and Saudi Arabia enjoy distinctive relationship.

The oil refinery is the biggest investment project of Saudi Arabia in Pakistan. CEO Aramco Associates Company Al Buainain Ibrahim Qassim was also part of delegation.

On October 4, 2018, the federal cabinet approved signing of a memorandum of understanding (MOU) between Pakistan and Saudi Arabia. The cost and capacity of the refinery have not been finalised yet.

Pakistani officials said that they have finalised the MoU for construction of refinery. Overall directions have been agreed upon and the agreement will be signed at appropriate time.

Copyright Business Recorder, 2019