Saudi Arabia has agreed in principle to invest in a new oil refinery in Pakistan’s deep-water port of Gwadar, Reuters reported citing the South Asian nation’s petroleum minister.
State-owned Pakistan State Oil will partner with Saudi state oil giant Aramco on the project, Petroleum Minister Ghulam Sarwar Khan said.
“They showed an interest to immediately invest in the refinery,” Khan said, describing a visiting Saudi delegation, according to the report.
“We sat down and held initial discussions with them and it was principally decided by both sides that it will be a government-to-government agreement.”
Details of the refinery’s costs and scope are to be worked out later, he added.