1- CPEC to bring $3.01 billion of inflows in next five years in Pakistan. 2- Dollaar hits historical high at 157 in open market.

Saudi Arabia to set world's third largest
oil refinery in Gwadar

Posted on October 03, 2018 at 3:00 PM

Last week Saudi Arabian delegation visited in Gwadar and agreed to install the world's third largest oil refinery in Gwadar so Saudi Arabia can supply oil to central Asian countries. This oil refinery will also meet the requirements of Pakistan and China needs. The delegation of Saudi Arabia was headed by the Saudi foreign minister and it was joined by the minister of petroleum.

The Chairman of Gwadar port authority Dostain Khan Jamaldini briefed the delegation of Saudi Arabia about the free economic zone. Dr Sajjad, Gwadar Development Authority (GDA) General Director briefed the Saudia delegation about completed and under construction CPEC projects. The Saudi state oil giant and Petroleum Minister, Mr Khan said that in the Gwadar refinery agreement, Pakistan State Oil (PSO) will partner with Saudi Arabia Oil Company (ARAMCO). Mr Khan said

"Our delegation sat down and held initial discussions with Pakistani ministers and principally decided by Pakistan and Saudia that it will be government to government agreement."

The Saudi Arabian kingdom has been invited by Pakistan to invest in the 80,000-acre mega oil city refinery in Gwadar. The oil imported from Saudi Arabia and the Gulf countries will be stock here.

Any refinery installation in Balochistan needs support from the provincial government and there was a major concern that Iran might object oil refinery project involving arch-rival Saudi Arabia on its doorstep.

On Thursday, Iranian Ambassador Mehdi Doost welcomes Saudia and said "Iran welcomes Saudi Arabia and other Muslim countries investment in Balochistan".
The Saudi delegation showed a keen interest to invest in Pakistan and showed satisfaction with the security arrangements.

Pakistan officially invited Saudi companies to bid motorway and railway projects in Baluchistan.

Oil refinery installation in Gwadar will help Pakistan to reduce its $16 billion bills for foreign petroleum by importing cheaper crude oil to refine it.

Pakistan has invited Saudi Arabia to become the third partner in the China-Pakistan Economic Corridor (CPEC).

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