Saturday, February 22, 2020

Saudi investment in refinery will reduce Oil bill by $ 1.2 billion: Pakistan petroleum minister

Featured

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to...

China: Corona virus death toll rises to 2239, and 75,567 infections

China’s National Health Committee announced on Friday that it has received reports of 889 new confirmed cases of the...

A major reshuffle in the British Government

Several British government ministers have been fired in a drastic reshuffle by Prime Minister Boris Johnson. The list includes...
Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Petroleum Minister of Pakistan Ghulam Sarwar Khan said Saudi investment in the refinery will cut annual oil imports upto $ 1.2 billion. Federal minister in a statement said that Saudi Arabia has expressed strong interest in petrochemical sector of Pakistan. Minister termed the investment as ‘Game changer’.

Ghulam said that 10 Memorandum of Understandings (MoUs) including one on a $10 billion oil refinery and petrochemical complex are going to be signed with the Saudi Arabian government during the visit of Saudi Arabian Crown Prince Muhammad Bin Salman to Pakistan. New venues of cooperation will be unlocked on visit of Muhammad Bin Salman,” he said.

The Saudi Arabia has indicated that the capacity of proposed oil refinery will be between 11-13 million tons per annum. The cost of the refinery will be determined after the feasibility study. Initially both sides will study the feasibility of the proposed project after signing of the MoU.

The petroleum minister said that the technical teams of Saudi Arabia had visited Gwadar and Karachi. He further added that the oil refinery would result in added benefits such as reliability in fuel supply, import substitution and exports.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Latest News

Trump adviser Roger Stone sentenced to 3 years in prison for lying

A federal judge issued a ruling on Thursday against Roger Stone, a longtime adviser to US President Donald Trump,...

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to purchase more US goods under...

Voting begins in Iran’s parliamentary elections

The Iranians began voting on Friday in a parliamentary election that is unlikely to change Tehran's troubled relations with the United States, after excluding...

Austrian Parliament: There is no place for ISIS operatives in the country

Herbert Kickel, head of the Parliamentary Bloc of the Freedom Party (the third largest Austrian party), confirmed that anyone who joined the terrorist group...

Reports of Russian intervention supporting Trump in the US 2020 elections

Informed sources reported that Shelby Pearson, the chief election security official in US intelligence, had warned lawmakers that Russian intelligence was taking steps to...

Related News