According to the Saudi Arabian English Daily, Pakistan and Saudi Arabia will sign a memorandum of understanding on the construction of a multi-billion-dollar refinery in Guadal .
Earlier this week, a cabinet member confirmed that Saudi Arabia's Crown Prince Mohammed bin Salman will visit Pakistan in the first week of February. At the request of Riyadh , the two parties are drafting a memorandum of understanding on the establishment of a petrochemical joint enterprise.
According to Arab News, the Pakistani news minister has confirmed that during the visit, the Saudi high-level delegation led by the Saudi crown prince will sign a series of investment agreements with Pakistan, including the construction of large-scale refinery projects. "The refinery project is Saudi Arabia's largest investment in Pakistan," the news minister said.
Pakistan Investment Committee Chairman Haroon Sharif said, "A delegation of 15 people from Saudi Arabia visited Guadal and finalized matters with Pakistan's memorandum of understanding on the construction of Aramco's refinery in Guadal. The overall goal of the two sides has reached an agreement and the agreement will be signed in due course."
The chairman of the investment committee earlier said, "We will sign a memorandum of understanding with Saudi Aramco and Acwa Power within a few weeks. Saudi Aramco will build refineries and petrochemical plants in Pakistan. Acwa Power will invest in Pakistan's renewable resources sector. Saudi Arabia is expected to invest about $15 billion in Pakistan in the next three years, of which investments in refineries and petrochemical plants are expected to reach $6-10 billion. "
Just last month, Finance Minister Umar said that it will soon announce Saudi Arabia's investment package in Pakistan, which is expected to become the " Pakistan's largest foreign investment in in history." Currently, Pakistan has received $2 billion in cash deposits from Saudi Arabia at an interest rate of 3.18%, and will receive another $1 billion in early February.
