Tuesday, October 20, 2020

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

Featured

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI)...
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

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes in the 193-member UN General...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI) on 10 – 16 November...

The World Health Organization warns countries not to be complacent in measures to prevent Corona

The Executive Director of the World Health Organization's emergency program, Dr.Mike Ryan, has warned all countries of the world against negligence in following the...

South Korea records 102 new cases of coronavirus

South Korea's Quarantine Command Center said today, Tuesday, that the total number of people infected with Covid-19 rose to 24,805, an increase of 102...

Related News