Pakistan, Saudi Arabia to seal $10b refinery deal on Crown Prince’s visit

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On his arrival, Federal Minister for Petroleum Ghulam Sarwar Khan welcomed the Saudi minister.
Speaking on the occasion, Ghulam Sarwar Khan said that, “Pakistan and Saudi Arabia have a distinctive relationship,” adding that the state-of-the-art oil refinery is the biggest investment project of Saudi Arabia in Pakistan.
He further said that during the upcoming visit of Saudi crown prince to Pakistan next month a Memorandum of Understanding about the Saudi Aramco Oil Refinery will also be signed.
The $10 billion oil refinery at the deep seaport is also the terminal point of the multi-billion dollar China-Pakistan Economic Corridor (CPEC) project.
The Pak Arab Refinery (Parco), a joint venture between Pakistan and Abu Dhabi, is also working on Khalifa refinery project with a total refining capacity of 250,000 barrels per day. At present, Parco is the largest refinery in Pakistan that has a refining capacity of 100,000 barrels per day.
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Saudi Arabia and the UAE had announced the same packages for Pakistan and Riyadh was likely to set up a refinery with a capacity of 250,000 barrels per day. At present, the total refining capacity of Pakistan is around 300,000 barrels per day.
The previous Pakistan Muslim League-Nawaz (PML-N) government had allowed the Frontier Works Organization (FWO) to build an oil pipeline from Gwadar to China at an estimated cost of US$10 billion.
Annual demand for petroleum products has been forecasted be 50 million tons in 2030 calculated at the GDP growth of 5% because of the rising demand for oil due to CPEC activities.
The current demand for petroleum products has been estimated at 29.6 million tons in 2018. In 2029-30, the deficit of petrol and high-speed diesel has been estimated to grow to 14 million tons per annum (MTA) and 16 MTA, respectively against the current deficits of 5 MTA and 4 MTA, respectively.
Islamabad also wants Riyadh to invest in mineral sector projects like Reko Diq, oil storages in Gwadar and oil pipeline projects in Pakistan.
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Pakistan authorities hope that Saudi Arabia would invest US$15 billion in mineral, oil and gas sector projects. Saudi Arabia has also committed an annual credit oil facility of US$3.2 billion for three years to support Pakistan’s balance of payment.
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