Thursday, Mar 28 2024 | Time 21:52 Hrs(IST)
image
World


Saudi plans to set up oil refinery in Pakistan

Saudi plans to set up oil refinery in Pakistan

Gwadar (Pakistan), Jan 13 (UNI) Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the help of China.
Pakistan wants to attract investment and other financial support to tackle a soaring current account deficit caused partly by rising oil prices. Last year, Saudi Arabia offered Pakistan a $6 billion package that included help to finance crude imports.
“Saudi Arabia wants to make Pakistan’s economic development stable through establishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor,” Saudi Energy Khalid al-Falih told reporters in Gwadar.
He said Crown Prince Mohammad bin Salman would visit Pakistan in February to sign the agreement. The minister added that Saudi Arabia would also invest in other sectors.
Beijing has pledged $60 billion as part of the China Pakistan Economic Corridor (CPEC) that involves building power stations, major highways, new and upgraded railways and higher capacity ports, to help turn Pakistan into a major overland route linking western China to the world.
“With setting up of an oil refinery in Gwadar, Saudi Arabia will become an important partner in CPEC,” Pakistan Petroleum Minister Ghulam Sarwar Khan said.
The Saudi news agency SPA earlier reported that Falih met Pakistan’s petroleum minister and Maritime Affairs Minister Ali Zaidi in Gwadar to discuss cooperation in refining, petrochemicals, mining and renewable energy.
It said Falih would finalise arrangements ahead of signing memorandums of understanding.
Since the government of Prime Minister Imran Khan came to power in August, Pakistan has secured economic assistance packages from Saudi Arabia, the United Arab Emirates and China.
In November, Pakistan extended talks with the International Monetary Fund as it seeks its 13th bailout since the late 1980s to deal with a looming balance of payments crisis.
The Pakistani prime minister’s office had said on Thursday that Islamabad expected to sign investment agreements with Saudi Arabia and the UAE in coming weeks.
UNI XC RHK 1024

More News

France's Le Pen accuses gov't of 'pickpocketing' French in attempt to cut budget deficit

28 Mar 2024 | 4:19 PM

Paris, Mar 28 (UNI) Marine Le Pen, the leader of the French right-wing National Rally Party's parliamentary faction, has said that the government's reform of social security for the unemployed is an attempt to "pickpocket" the French to reduce the national budget deficit caused by the authorities' failures.

see more..

Turkish Prez's admin denies claims economic outlook grim for next 1 5 yrs

28 Mar 2024 | 4:19 PM

Ankara, Mar 28 (UNI) Turkish President Recep Tayyip Erdogan's administration has denied social media claims that a long, tough period lies before the country's economy for a year and a half, accusing those who disseminate this disinformation and stoking panic ahead of the municipal elections slated for Sunday.

see more..

US agencies didn't share all data about threat of terror attack with Russia: NYT

28 Mar 2024 | 4:12 PM

Washington, Mar 28 (UNI) US intelligence agencies did not provide the Russian side with all the information they had about the threat of a terrorist attack at Crocus City Hall in the Moscow Region, The New York Times reported on Thursday, citing European and US security officials.

see more..

Russia working with China, Turkey, UAE on payments constructively

28 Mar 2024 | 4:07 PM

Moscow, Mar 28 (UNI) Russia is working with China, Turkey, and the United Arab Emirates on the issue of payments very constructively and takes into account the possibility of pressure from the United States and the European Union, Kremlin spokesman Dmitry Peskov said on Thursday.

see more..

Over 12,500 criminal suspects apprehended in Afghan

28 Mar 2024 | 3:29 PM

Kabul, Mar 28 (UNI) The Afghan police have arrested 12,540 suspects criminal over the past six months across the country, the Ministry of Interior Affairs said on Thursday.

see more..
image