Saudi Aramco to build a refinery and petrochemical complex worth $10 billion in Gwadar, Pakistan.
Pakistan and Saudi Arabia signed investment deals worth more than $20 billion during Saudi Crown Prince Mohammed bin Salman’s visit to Islamabad last Sunday.
The unprecedented Saudi investments are considered a “game – changer,” and a major boost for Pakistan’s struggling economy which now offers much – needed respite for negotiations with international monetary funds on better terms and conditions.
Part of the deal was a proposed refinery and petrochemical complex investment of $10 billion by Saudi Aramco in Gwadar. Information Minister said it is expected that work on the refinery will start within 18 months.
The facility will be in place in the next three to five years, according to officials, to produce 250,000-300,000 barrels of refinery products currently imported, costing approximately $2 billion annually in foreign exchange.
Pakistan earlier has awarded Abu Dhabi Petroleum Investment Company a tax incentive package to build a similar oil refinery in Hub (Balochistan) with a capacity of 100,000 barrels per day which is part of PAK-ARAB Refinery (PARCO).
About Aramco: The Saudi Arabian Oil Company operates in Saudi Arabia as an integrated company for energy and chemicals. The company explores, produces, refines, distributes, ships and markets