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International News

Oct 05, 2018
7:07AM

Pakistan to set up refinery with Saudi's help in Balochistan

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Pakistan's Cabinet today gave nod to the signing of a memorandum of understanding with Saudi Arabia to set up a state-of-the-art oil refinery in the southwestern province of Balochistan. The proposed 500,000-barrel per day refinery is estimated to be completed with an investment of about 8 to 9 billion US dollars.

The refinery will be set up at Gwadar, a coastal town on the Arabian Sea where China built a deep seaport under the China-Pakistan Economic Corridor.

The Cabinet meeting was presided by Prime Minister Imran Khan. Petroleum Minister Ghulam Sarwar Khan briefed the Cabinet about a Saudi Arabia delegation which had visited Pakistan to explore investment opportunities.

Sarwar told the media that the Cabinet had granted approval of the memorandum of understanding (MoU), which is expected to be signed later this month when Saudi energy minister will visit Pakistan.

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