KARACHI: Officials from Pakistan’s ministry of petroleum met the Saudi ambassador to Islamabad this week, the Saudi embassy said, ahead of a September visit to Pakistan of a high-powered Saudi delegation that will review ongoing bilateral trade and investment developments between the long-term allies.
“The Ambassador of the Custodian of the Two Holy Mosques to #باكستان @AmbassadorNawaf received in his office today a delegation from the Pakistani Ministry of Petroleum and Energy and discussed bilateral relations and means of enhancing them,” the Saudi embassy said in a Twitter post on Thursday.
“Yes, this was a preparatory meeting for an upcoming high-powered Saudi delegation’s visit to Pakistan in September,” a senior petroleum division official said, referring to Saudi ambassador Nawaf bin Said Al-Malki’s meeting with Pakistani officials on Thursday.
On Friday, Al-Malki also met Omar Ayub Khan, Pakistani Minister for Power and Petroleum, and discussed bilateral trade and investment cooperation in various sectors.
“The federal minister emphasized strengthening bilateral investment in various sectors,” a statement issued by the Petroleum Division said. “Omar Ayub Khan hoped that the bilateral trade initiatives will further strengthen friendship between the two countries.”
Saudi Arabia and Pakistan signed seven memorandums of agreement for projects worth $21 billion in February during the official visit of Saudi Crown Prince Muhammad Bin Salman to Islamabad.
According to Pakistan government figures, short-term projects in the pipeline include two Re-Gasified Liquefied Natural Gas plants for $4 billion, a $2 billion investment by Saudi power producing company ACWA Power in Pakistan’s renewable energy sector and a $1 billion Saudi Fund for Pakistan.
Mid-term projects include $1 billion each for petrochemical and food and agricultural projects. The long-term investments are $10 billion for the construction of the multi-billion-dollar SaudiAramco oil refinery in Gwadar and $2 billion for the minerals sector.
Analysts expect that because of the Aramco refinery and the petrochemical complex, Pakistan will be able to save around $2 billion annually on the import of crude and the making of byproducts.
At present indigenous crude oil meets only 15 percent of the country’s total requirements, while 85 percent requirements are met through imports in the shape of crude or refined petroleum products. Indigenous and imported crude is refined by six major and two small refineries in the country.
