Aramco to build oil refinery in Pakistan
Saudi Aramco is finalizing an agreement to build a $ one billion oil refinery in Pakistan's port city of Gwadar, official Pakistani sources said.
The sources said the two countries are expected to sign a number of investment agreements, including the construction of a large oil refinery in February in the presence of a high-level Saudi delegation. Pakistani officials are speaking of $ 15 billion Saudi investment in Pakistan.
Pakistan's Information Minister Fawad Chaudry said the oil refinery project will be the biggest Saudi investment in Pakistan.
Saudi Arabia and Pakistan have recently expressed renewed interest in boosting bilateral strategic and trade ties. Saudi Arabia has granted $ 3 billion in financial support to help Pakistan overcome its economic plight.
Pakistan hopes to attract more than $ 40 billion in foreign direct investment over the next five years and favors Saudi, UAE and Chinese investments.
A Saudi delegation visited Gwadar, which is the focal point of the China-Pakistan Economic Corridor.