Saudi Arabia’s Ministry of Energy signed four memorandums of understanding (MOUs) with Pakistan for investments in the refining and petrochemicals, renewable energy and mining sectors, energy minister Khalid Al-Falih said in a tweet on Sunday.
In the refining and petrochemical sector, Saudi Arabia will set up an oil refinery in Gwadar at an estimated cost of SAR 37.5 billion.
Saudi Arabia will invest nearly SAR 7.5 billion in renewable energy projects in Pakistan.
Additionally, Saudi Arabian Mining Co. (Maaden) will develop a copper mine in Reko Diq town to produce 600,000 tons of copper annually. The project comes as part of the Kingdom’s planned investments in Pakistan’s mining industry at a total estimated cost of SAR 22.5 billion.
Saudi Arabia also concluded an agreement to supply Pakistan with crude oil and petroleum products on a monthly basis at an estimated cost of SAR 1 billion.
Under the pact, which will be renewed for three years, the Saudi Fund for Development (SFD) will supply Pakistan with petroleum products to secure its fuel needs.
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