Land allocation for Saudi Aramco in Gwadar initiated

GWADAR: The government’s revenue department in Quetta has initiated the process to demark land for the establishment of Saudi Aramco oil refinery worth $10 billion, informed Gwadar Development Authority (GDA) Director-General Shahzeb Khan Kakar.

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The land allocation process for the project signed between the two countries is expected to be completed within a couple of months.

The mega refinery project will have a capacity of between 250,000 barrels per day (bpd) to 300,000 bpd.

While visiting Prime Minister Imran Khan last year, Saudi Crown Prince Muhammad bin Salman had signed seven investment agreements of worth $20 billion in the energy and petroleum sector.

The signed deals included a grant of $2 billion which was planned to be invested in Pakistan’s renewable energy sector by ACWA Power- a Saudi power producing company, $4 billion for Regasified Liquefied Natural Gas plants, a $1 billion Saudi Fund for Pakistan, $1 billion to be invested in petrochemical, food and agricultural projects each, and $2 billion investment for the minerals sector.

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