Saudi Arabia plans to establish a $10 billion oil refinery in Gwadar as announced by Saudi Minister of Energy, Industry and Mineral Resources Khalid Al Falih during his visit to the thriving Pakistani port city on Saturday.
“Saudi Arabia wants to make Pakistan’s economic development stable through establishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor,” Al Falih told reporters in Gwadar.
Crown Prince Mohammad bin Salman is expected to visit Pakistan in February to sign the agreement. The Energy Minister added that Saudi Arabia would also invest in other sectors.
“With setting up of an oil refinery in Gwadar, Saudi Arabia will become an important partner in CPEC,” Pakistan Petroleum Minister Ghulam Sarwar Khan said.
Beijing has pledged $62 billion as part of the China-Pakistan Economic Corridor (CPEC) that involves building power stations, major highways, new and upgraded railways and higher capacity ports to help turn Pakistan into a major overland route linking western China to the world.
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