Saudi Minister for Energy, Industry and Mineral Resources, Khalid bin Abdulaziz Al-Falih will arrive in Gwadar today to formulate modalities for setting up Saudi Amarco's proposed oil refinery at Gwadar. The sources said that Minister for Petroleum Ghulam Sarwar Khan reached Balochistan on Friday to receive the Saudi delegation led by the Saudi minister for energy.
Chief Executive Officer (CEO) Amarco Associate Company, Al Buanin Ibrahim Qasim and Special Advisor to Saudi Energy Minister Ahmed AL Ghamdi will also accompany the Saudi minister for energy. The delegation will meet Chief Minister Balochistan Jam Mir Kamal, Minister for Petroleum Ghulam Sarwar Khan, Minister for Finance Asad Umar and Chairman Board of Investment (BOI) Haroon Sharif.
The Saudi Arabia is interested in Pakistan's four sectors including oil refinery, petrochemicals, renewable energy and mining.
Pakistan and Saudi Arabia, in principle, decided to set up a refinery and acquisition of land in this regard has been in final stages. In October, a high-powered delegation from Saudi Arabia visited Pakistan; it traveled to the proposed site of the refinery.
An investment of $5-8 billion is being talked about with a capacity of up to 0.4 million barrels per day with a view to meeting the growing demand of Pakistan and China. The sources said that the government is expecting to sign a memorandum of understanding (MoU) during the visit of Saudi delegation. This would be a government-to-government contract between Saudi Aramco and Pakistan State Oil for setting up a refinery in deepwater port of Gwadar.
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