ISLAMABAD: Pakistan has offered two locations- Hub and Gwadar, to Saudi Arabia for establishment of oil refinery in Pakistan, official sources told Business Recorder.
This update was shared by Petroleum Division on April 25, 2022 during a meeting presided over by Deputy Chairman Planning Commission convened with respect to forthcoming visit of Prime Minister Shehbaz Sharif to Saudi Arabia.
According to the sources, Petroleum Division informed that two locations, i.e., Hub and Gwadar have been identified and offered to KSA for establishment of an oil refinery in Pakistan. It was decided that Pakistan should offer one location aligned with investor’s preferences.
The meeting also decided that Petroleum Division will consult Pakistan State Oil (PSO) to set milestones which need to be achieved in the near future and which may be shared with Ministry of Foreign Affairs (MoFA) for onward transmission to ARAMCO regarding establishment of refinery.
The feedback already shared with Saudi Embassy in Pakistan regarding Chashma Lift Canal will be also shared immediately with Pakistan’s Mission in Riyadh through MoFA for speedy action, the sources added.
Oil refining policy may be approved by CCoE on Friday
The meeting also decided that MoFA would undertake preparatory work and suggest next meeting of the Supreme Coordination Council by the mid of June 2022. Out of three pillars, political and security pillar is pending that needs speedy completion.
The Ministry of Federal Education and Professional Training (FE&PT) would enhance efforts to send first 100 certified workers to KSA before the forthcoming visit of the PM to KSA. FE&PT has shared the proposal with MoFA.
With regard to import arrangements for Liquefied Natural Gas (LNG) from KSA, meetings of two working groups and Exim Bank will conclude their negotiations immediately. MoFA will take lead and arrange a meeting with Saudi side on priority basis.
Regarding an Investment Conference in Pakistan, it was decided that at present Pakistan does not have good investment projects. The concerned authorities need to do their homework before finalizing the event.
On draft executive programs on media and culture cooperation, Pakistan Mission at Riyadh suggested that at present it does not seem suitable for signatures, as agreements have been cleared from Pakistani side but are pending from the Saudi side and suggested that agreements may be signed during next meeting of the Supreme Coordination Council.
Representative from Narcotics Control Division apprised that agreement on counter-narcotics has to be ratified by KSA. Actions required from Pakistan are completed whereas Interior Division apprised that MoUs on combating crimes and transfer of prisoners are ready.
The meeting directed Board of Investment (BoI) to develop and submit a streamlined agenda on government to government (G2G) initiatives for next meeting of the Supreme Coordination Council.
The sources maintained that projects of afforestation/climate change will be included in the agenda of Prime Minister’s visit to the KSA.
Copyright Business Recorder, 2022
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