Saudi Arabia set to establish an oil refinery at Gwadar

Saudi Minister for Petroleum and Energy Khalid Bin Abdul Aziz said on Saturday that his country’s crown prince would visit Pakistan in February to sign an agreement with Pakistan on setting up an oil refinery in Gwadar at a cost of $10 billion.

The Saudi minister said this after arriving here along with a delegation to inspect the site for the proposed oil refinery in the port city, the ultimate destination of the China Pakistan Economic Corridor (CPEC). The delegation included Chief Executive Officer of Aramco Associated Company Al Buainain Ibrahim Qassim.

Federal Minister for Petroleum Ghulam Sarwar Khan, Federal Minister for Marine Affairs Ali Zaidi and Balochistan Information Minister Mir Zahoor Ahmed Buledi received the Saudi delegation at Gwadar airport.

Later the Saudi delegation attended a meeting in which the oil refinery project and other issues were discussed.

The Saudi minister said that his country wanted to contribute to Pakistan’s economic development through establishing an oil refinery and partnership in the CPEC. He said that Saudi Arabia was also interested in investing in other sectors.

Referring to the proposed oil refinery, Mr Abdul Aziz said that it would prove to be a landmark development for the entire region as a centre point for changes in purchase, import and export of oil.

He said that the Saudi government would complete installation of the oil refinery in minimum time.

The Saudi minister said that Pakistan and his country enjoyed cordial economic, social and deep-rooted friendly relations since a long time. Saudi Arabia had always provided financial and economic help to Pakistan and would continue to do so in future.

He said that he was visiting Gwadar on the instruction of the Saudi king.

Ghulam Sarwar Khan welcomed the Saudi delegation and appreciated the efforts Saudi Arabia was making to contribute to economic development of Pakistan. He termed the Saudi delegation’s visit to Gwadar a significant event.

The petroleum minister said that the federal cabinet had already approved the Saudi government’s plan for establishing an oil refinery in Gwadar. With the setting up of the oil refinery, Saudi Arab would become an important partner in the CPEC, he added.

He said that the project would not only prove a milestone in the development of Pakistan but also write a new history of prosperity and economic development in the entire region.

The minister for maritime affairs suggested that Saudi Arabia should also invest in the agriculture sector.

Earlier, Gwadar Port Authority Chairman Dostain Jamaldini, Gwadar Development Authority Chairman Dr Sajjad Baloch and China Overseas Port Holding Company Chairman Zhang Baozong briefed the Saudi delegation about the CPEC and the development projects launched in Gwadar.

Additional Secretary of Petroleum Tanvir Qureshi, Balochistan Minister for Revenue Mir Saleem Ahmed Khosa, Provincial Energy Secretary Mir Pasand Khan Buledi, MPA Mobin Khan Khilji and officials concerned also attended the meeting.

GWADAR: A delegation of Saudi Arabia, led by Minister for Energy, Industry and Mineral Resources Khalid Abdul Aziz D. Al Falih, arrived here on Saturday to inspect the site for the proposed oil refinery at the deep seaport city, the ultimate destination of the China Pakistan Economic Corridor.

Federal Minister for Petroleum and Natural Resources Ghulam Sarwar Khan, Federal Minister for Marine Affairs and Balochistan Information Minister received the delegation, which included Chief Executive Officer of Aramco Associated Company Al Buainain Ibrahim Qassim.

Mr Khan said Pakistan and Saudi Arabia enjoyed cordial relations, a press release said.

Describing the proposed oil refinery as a state-of-the-art facility, he said it would the biggest investment of the Saudi government in Pakistan, for which a memorandum of understanding was expected to be signed next month.


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