Prime Minister Shaukat Aziz has invited the companies from the Saudi kingdom to invest in the mining, oil and gas sectors of Pakistan. He told the visiting Saudi Oil Minister Ali Al-Naimi that Pakistan is in an ideal position to serve as the regional energy and trade corridor.
He further said, because of its strategic location, and added that already an oil refinery with 300 thousand-bpd capacity is being set up near Gwadar. Al-Naimi who is presently in Pakistan to participate in the World Islamic Economic Forum conference called on the Prime Minister here on Monday at the Prime Minister House.
Pakistan and Saudi Arabia are strategic partners and enjoy a deep rooted relationship based on shared history and culture, commonality of belief, said Shaukat Aziz and added Pakistan wants to further consolidate this unique relationship and bolster collaboration in all areas including economy, trade, investment, energy and mining sectors.
He said the people of Pakistan have emotional bonds with Saudi Arabia and hold the King Abdullah Bin Abdul Aziz and Crown Prince Sultan Bin Abdul Aziz Al Saud in high esteem. Shaukat said that energy, food and water security is the three major determinants of growth and there is a huge potential of mutual co-operation among the Islamic countries in these areas.
He said as a result of the high growth momentum and improvement in the living standards there is a surge in demand in the energy sector in Pakistan. He said the demand in energy sector and electricity sectors is growing by 8-10 percent and 10-12 percent per annum consecutively and the government is encouraging investments to enhance production in these fields.
Terming mining as one of the most under-explored sectors in Pakistan, the Prime Minister invited the Saudi companies to invest in mining, oil and gas sectors. Ali Al-Naimi appreciated Pakistan for arranging the World Islamic Economic Forum and said it will contribute to strengthening of economic ties among the Muslim countries. He also conveyed good wishes of King Abdullah Bin Abdul Aziz to Prime Minister Shaukat Aziz.
He apprised the Prime Minister of the economic revival plans being implemented in Saudi Arabia and said major reforms have been introduced by the Saudi government in the energy sector and major investments have been made in the upstream, midstream and downstream oil exploration sector.
Al-Naimi said Saudi Arabia desires to see stability in the oil prices in the international market and is working for that. The meeting was attended among others by Advisor to the Prime Minister on Finance Dr Salam Shah and senior officials.
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