ISLAMABAD – Pakistan directed the relevant authorities to approve a fresh petroleum policy to facilitate the potential investment of $10 to $12 billion from Saudi Arabia.
The petroleum policy will provide Pakistan with a way to attract multi-billion-dollar investments.
Earlier this week, Islamabad persuaded Riyadh to establish a $12 billion state-of-the-art deep conversion refinery along with a petrochemical complex in Pakistan.
Different ministries held consultations for finalising draft agreements, which are expected to be signed during the upcoming visit of Saudi Crown Prince Mohammad Bin Salman to Pakistan.
Finance Minister Ishaq Dar on Thursday held a virtual meeting on the First Joint Economic Sub Committee of the Saudi-Pakistan Supreme Coordination Council with Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz.
Both sides discussed and reviewed areas of mutual cooperation and collaboration including energy, industry, mineral resources, commerce, finance, investment tourism, communication information and technology, agriculture, food security, transportation, logistics, maritime, and work to increase trade exchange and investment between the two countries.
Minister for Board of Investment (BOI) Chaudhry Salik Hussain, State Minister for Petroleum Dr Musadik Malik, SAPM on Finance Tariq Bajwa and other senior officers from ministries of Finance, BOI, Maritime, Aviation, IT and Telecommunication, Food Security & Research, Petroleum and Power Division attended the meeting.
