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|06 January, 2019

Saudi Arabia signs largest Aramco oil deal in Pakistan

The oil refinery project will be the biggest Saudi investment in Pakistan

Image used for illustrative purpose. The production facility of Saudi Aramco's Shaybah oilfield is seen in the Empty Quarter, Saudi Arabia May 22, 2018.

Image used for illustrative purpose. The production facility of Saudi Aramco's Shaybah oilfield is seen in the Empty Quarter, Saudi Arabia May 22, 2018.

REUTERS/Ahmed Jadallah

Mubasher: Saudi Arabia and Pakistan have agreed to build a new Saudi Aramco oil refinery in Pakistan’s port city of Gwadar.

Pakistan is expected to sign several investment deals in February 2019, including the construction deal of the multibillion-dollar oil refinery, Arab News reported, citing Pakistan’s information minister Fawad Chaudhry.

The oil refinery project will be the biggest Saudi investment in Pakistan.

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“We actually need two oil refineries in Pakistan to meet demand. We have already met with Saudi investors who have [recently visited] Pakistan,” Pakistan’s prime minister Imran Khan said three months ago.

Saudi Arabia, the UAE, and China are likely to invest about $40 billion in Pakistan in the next three to five years, according to Pakistan’s minister of state and chairman of the Pakistan Board of Investment (BOI) Haroon Sharif.

A 15-member Saudi delegation has visited Gwadar from Karachi to finalise the the MoU for Aramco oil refinery, Sharif told Arab News, noting that the MoU has indeed been “finalised” and adding that “overall directions have been agreed upon and the agreement will be signed at an appropriate time.”

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