ISLAMABAD, NOV 3, Prime Minister Shaukat Aziz told Saudi Petroleum & Natural Resource Minister ALI IBRAHIM AL-NAIMI that Pakistan and Saudi Arabia are strategic partners and enjoy a deep-rooted relationship based on shared history and culture, commonality of belief. "Moreover Pakistan wants to further consolidate this unique relationship and bolster collaboration in all areas including economy, trade, investment, energy and mining sector," he said According to an official statement Al-Naimi called on Aziz at the Prime Minister's House.

The premier said that Pakistan have emotional bonds with Saudi Arabia and hold Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz and Crown Prince Sultan Bin Abdul Aziz in high esteem for guidance.

He said said that energy, food and water security are the three major determinants of growth and there is a huge potential of mutual cooperation among the Islamic countries in these areas.

The Prime Minister said as a result of the high growth momentum and improvement in the living standards there is a surge in demand in the energy sector in Pakistan. He said the demand in energy sector and electricity sectors is growing by 8-10% and 10-12% per annum consecutively and the government is encouraging investments to enhance production in these fields.

Terming mining as one of the most under-explored sectors in Pakistan, Aziz invited the Saudi companies to invest in mining, oil and gas sectors.

The Prime Minister said Pakistan is in an ideal position to serve as the regional energy and trade corridor because of its geo-strategic location. An oil refinery, which will refine 300,000 barrels of oil per day, being set up near Gwader by a company of Abu Dhabi will facilitate oil export in the region, he added.

The statement said that Al-Naimi appreciated Pakistan for arranging the World Islamic Economic Forum and said it will contribute to strengthening of economic ties among the Muslim countries. The Saudi Petroleum and Mineral resources minister conveyed the best wishes of Custodian of the Two Holy Mosques King Abdullah Bin Abdul-Aziz to the Prime Minister.

He apprised the Prime Minister of the economic revival plans being implemented in Saudi Arabia and said major reforms have been introduced by the Saudi government in the energy sector and major investments have been made in the upstream, midstream and down stream oil exploration sector.

Al-Naimi said Saudi Arabia desires to see stability in the oil prices at the international market and is working for that.

The meeting was attended among others by Advisor to the Prime Minister on Finance Dr. Salman Shah and senior officials.