Saudi Arabia to establish $10bn oil refinery in Gwadar port city

Crown Prince of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud will visit Pakistan in February to sign an agreement for setting up an oil refinery here, Saudi Minister for Petroleum and Energy Khalid Bin Abdul Aziz said on Saturday.

Gwadar is a port city located in the southwestern region of Balochistan in Pakistan, featuring the famous China-Pakistan Economic Corridor (CPEC) project.

Dawn newspaper reported that a Saudi ministerial delegation, including Chief Executive Officer of Aramco Associated Company Al Buainain Ibrahim Qassim, visited the port city, earlier on Sunday to inspect the region for the proposed oil refinery project, worth USD 10 billion, and later attended a meeting with Pakistani ministers and officials from Balochistan to discuss over this issue.

The Saudi delegation was received by Pakistan's Petroleum minister Ghulam Sarwar Khan, Minister for Marine Affairs Ali Zaidi and Balochistan's Information Minister Mir Zahoor Ahmed Buledi at Gwadar airport.

While addressing the meeting, Aziz was quoted as saying that Saudi Arabia is interested in uplifting the economic situation of Pakistan and seeking for partnership in the CPEC project by setting up the oil refinery in the region.

Aziz further stated that the oil refinery would be completed within minimum time and would help the entire region to become a centre point for purchasing, importing and exporting oil.

The Saudi Petroleum minister added that Saudi Arabia and Pakistan had always shared "cordial economic, social and deep-rooted friendly relations" with Pakistan, especially by providing financial support to the country's slow-paced economic development.

Meanwhile, Pakistan's Petroleum Minister Khan appreciated the efforts of Saudi Arabia, asserting that the Government of Pakistan has given a nod to the oil refinery project following which Saudi Arabia would become an important and strategic partner in the CPEC.