Promising advancements have taken place in Pakistan’s efforts to establish an oil refinery as an agreement between Pakistan and Saudi Arabia is on track to be signed during the first week of August.
The signing of this crucial agreement is anticipated to take place during the upcoming World Mineral Conference. Pakistan is set to host a two-day international mineral conference scheduled to commence on July 31.
Invitations have been extended to Saudi Arabia, the United Arab Emirates (UAE), and other countries to participate in this conference. The event aims to facilitate discussions and collaborations in the mineral sector, fostering opportunities for investment and development.
Officials from the Ministry of Petroleum have shared that Memorandums of Understanding (MoUs) between Pakistan and Saudi Arabia have already been successfully executed, paving the way for the forthcoming agreement.
This agreement will solidify the partnership and further progress toward the establishment of the oil refinery, the officials added. The ministry said the establishment of the oil refinery will significantly enhance Pakistan’s storage capacity.
In addition to the oil refinery project, Saudi Arabia, the UAE, and other countries are also set to invest a staggering $15 billion in mineral development in Pakistan.
This infusion of investment will not only contribute to the growth and advancement of the mineral sector but also foster closer economic ties between the participating nations.
