Pakistan, KSA set to ink Aramco oil refinery deal

[PakSword]

This entire region arabian sea and the gulf is extremely rich in oil and gas. Pakistan for some reason never bothered with and I reckon for the best imagine if zardari and nawaj ruling you and oil and gas is available too! The knowledge of this is not new I think there were survey conducted by Britain when it was their empire.

Either way its good news and about time too if you ask me.

As for the US stakes they need Lithium from this Af/Pak region so does China. There are other valuable minerals too. Its better to earn money than have war because no one has the strength to fight any longer as the stake are too damn high.

Agree.. No war.. only progress now..

Allah jo karta hai behtar karta hai, Had the oil and gas been found and extracted in 2009, there would have been 100s of properties of Nawaz and Zardari in Europe and Americas.

 

[Path-Finder]

Pakistan has enough hydro potential to fuel its growth but never realized..
Just 5 dams can provide all the power we need
Each dam can produce an average of 20-22twh with our consumption being around 120twh
Dasu bhasha bunji if built in 2005-2018 today we would have had no power crisis and booming textile industry ...dasu had financing already available through WB which PPPP refused for bhahsa dam where as bhasha and bunji would have cost not more than 10-15% of PSDP or the amount we distributed in BISP

I think Pakistan should ask for this, its the best investment in future energy needs. Or with China.

 

[Amalek]

Cars is one thing but other industries still require oil regardless,plastics, certain medicines, and jellies as well so I dont see Oil going anytime soon for Cars yes but since the 90s Natural Gas is some parts of the world have replaced Oil as source of Cars now Electric has taken some of the share as well

Oil still has uses, always will be useful. But oil price is very inelastic. Small changes in demand or supply can cause wild fluctuations in the price of oil. Even a 20% reduction in oil demand could lead to a crash in oil prices by 50%.

I don't see refineries being profitable once oil demand declines, and there is a glut in refinery capacity worldwide.

 

[ziaulislam]

Oil still has uses, always will be useful. But oil price is very inelastic. Small changes in demand or supply can cause wild fluctuations in the price of oil. Even a 20% reduction in oil demand could lead to a crash in oil prices by 50%.

I don't see refineries being profitable once oil demand declines, and there is a glut in refinery capacity worldwide.

Remember refined oil is indis largest export commodity

Agree.. No war.. only progress now..

Allah jo karta hai behtar karta hai, Had the oil and gas been found and extracted in 2009, there would have been 100s of properties of Nawaz and Zardari in Europe and Americas.

Nigeria is largest oil producer in africa yet due to corruption is very poor infact its economy contracted recently

 

[SunilM]

“We have finalized the MoU for the construction of Aramco oil refinery,” Sharif said, adding that “overall directions have been agreed upon and the agreement will be signed at an ‘appropriate time’.”

Are you kidding me. How many times will an MOU be harped upon.

 

[Rafi]

Are you kidding me. How many times will an MOU be harped upon.

Keep crying

 

[maximuswarrior]

@Path-Finder

There is definitely something under sea some 230 kms in Arabian sea..


Just like how Iran give port to India and Saudi makes investments in India..

Exactly. We are not going to compromise our relationship with any country. Pakistan plays the role of a mediator.

Are you kidding me. How many times will an MOU be harped upon.

LOL good to see you burn.

 

[SunilM]

Exactly. We are not going to compromise our relationship with any country. Pakistan plays the role of a mediator.



LOL good to see you burn.

Haha, Well You confused MOU for a contract in the BCCI case and look what happened. I think Saudi's are making an extra effort to make it clear it NOT a final contract.

 

[Path-Finder]

Haha, Well You confused MOU for a contract in the BCCI case and look what happened. I think Saudi's are making an extra effort to make it clear it NOT a final contract.

why don't you mind your own business?

 

[touela]

Pakistan and Saudi Arabia have finalised the memorandum of understanding (MoU) for the construction of the multi-billion-dollar Saudi Aramco oil refinery in Gwadar deep seaport city, officials said on Thursday.

Pakistan is expecting to sign a number of investment deals, including the construction of mega oil refinery, in the month of February in the presence of a high-level Saudi delegation, confirmed Information Minister Fawad Chaudhry.

“The oil refinery project is the biggest investment project of Saudi Arabia in Pakistan,” he added.

Pakistan and Saudi Arabia have lately expressed renewed interest in enhancing bilateral strategic and trade engagements while KSA also pledged $3 billion in a financial assistant to help Pakistan out of its economic woes.

“A 15-member delegation of Saudi Arabia visited Gwadar from Karachi as part of the finalization process of the MoU for Aramco oil refinery,” said Minister of State and Board of Investment Chairman Haroon Sharif in an interview with a foreign publication.

“We have finalized the MoU for the construction of Aramco oil refinery,” Sharif said, adding that “overall directions have been agreed upon and the agreement will be signed at an ‘appropriate time’.”

Pakistani authorities expect $15 billion investment from Saudi Arabia after Prime Minister Imran Khan chose KSA for his maiden visit and consequently made two official visits.

Earlier, the BoI chief had said, “We are going to sign MoUs with Saudi Aramco and Acwa Power within few weeks. Saudi Aramco is going to set up oil refinery and petrochemical complex in Pakistan while Acwa Power will invest in Pakistan renewable energy sector.”

As part of the investment plan, the Saudi Aramco will construct petrochemical complex housing multi-billion-dollar oil refinery.

“I am expecting around $15 billion investment from Saudi Arabia in the next 3 years. The inflow of investment for oil refinery and petrochemical complex in Pakistan is estimated to be between $6 billion to $10 billion,” the BoI chairman stated.

Pakistan hopes to attract more than $40 billion in foreign direct investment (FDI) during the next five years. “We estimate that roughly around $40 billion investment will be made by these three countries (Saudi Arabia, UAE, and China) in the next three to five years,” Sharif had said during his recent interview.

During the recent visit of the Saudi delegation to Gwadar, Gwadar Port Authority Chairman Dostain Khan Jamaldini on Wednesday gave a briefing about the current developments including the port, progress on China-Pakistan Economic Corridor (CPEC) and Gwadar Master Plan.

• TAGS
• Construction
• deep seaport
• Gwadar
• Memorandum of Understanding
• MoU
• multi-billion-dollar
• Oil refinery
• Pakistan
• saudi arabia
• Saudi Aramco
• Thursday

Previous articleOil prices decline on swelling oversupply, volatile markets
Next articleOGRA increases LPG price by Rs2 per kg
News Desk
RELATED ARTICLESMORE FROM AUTHOR

Indeed a Good news but in my view a shallow news. I wanna know how many jobs can be created, how many industries can utilise/benefit from this? Will we be able to export the refined oil products?

 

[MultaniGuy]

Haha, Well You confused MOU for a contract in the BCCI case and look what happened. I think Saudi's are making an extra effort to make it clear it NOT a final contract.

I see someone is getting jealous lol.

Yes our Saudi allies will help us.
Now bug off!

 

[SunilM]

why don't you mind your own business?

Yes our Saudi allies will help us.
Now bug of!

Its just an MOU. A worthless piece of paper having no value.

 

[Path-Finder]

Its just an MOU. A worthless piece of paper having no value.

again non of your business.

 

[JohnWick]

Haha, Well You confused MOU for a contract in the BCCI case and look what happened. I think Saudi's are making an extra effort to make it clear it NOT a final contract.

You should call a fire brigade!

 

[MultaniGuy]

Its just an MOU. A worthless piece of paper having no value.

Stop trolling. You get angry whenever you see Pakistan developing.