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

ANI  |  Gwadar [Pakistan] 

of Mohammed bin will visit in February to sign an agreement for setting up an refinery here, Saudi for Petroleum and Energy said on Saturday.

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

reported that a Saudi ministerial delegation, including of Al Buainain Ibrahim Qassim, visited the port city, earlier on Sunday to inspect the region for the proposed 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 Ghulam Sarwar Khan, for Marine Affairs and Balochistan's at

While addressing the meeting, Aziz was quoted as saying that is interested in uplifting the economic situation of and seeking for partnership in the CPEC project by setting up the 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 added that 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 Khan appreciated the efforts of Saudi Arabia, asserting that the has given a nod to the following which Saudi Arabia would become an important and strategic partner in the CPEC.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, January 13 2019. 19:35 IST