Pakistan and Saudi Arabia Set to Sign Landmark Deal, Promoting Oil Refinery Construction and Mineral Development Projects.
Pakistan-Saudi Agreement on Oil Refinery: Pakistan and Saudi Arabia anticipate signing a deal in the first few days of August, signaling promising progress in Pakistan’s efforts to build an oil refinery. Experts anticipate that the upcoming World Mineral Conference will be the platform for the signing of this significant agreement. Pakistan has invited Saudi Arabia, the United Arab Emirates (UAE), and other nations to attend a two-day international mining conference, scheduled to begin on July 31, in Pakistan.
Additionally, The fundamental goal of the event is to promote dialogue and teamwork in the mining industry, opening doors for expansion and investment. However, Officials from the Ministry of Petroleum confirm that they have effectively carried out Memorandums of Understanding (MoUs) between Pakistan and Saudi Arabia, establishing the foundation for the upcoming deal. By advancing the construction of the oil refinery and solidifying the cooperation, this deal will increase Pakistan’s capacity for storage.
Furthermore, Saudi Arabia, the UAE, and other countries plan to invest a staggering $15 billion in Pakistani mineral development projects. However, This significant infusion of capital will advance the mineral industry and promote stronger economic relations between the participating nations.