In a formal statement released on Friday in Islamabad, Pakistan and Saudi Arabia expressed confidence that a joint oil refinery project would be finished in two months.
In a formal statement released on Friday in Islamabad, Pakistan and Saudi Arabia expressed confidence that a joint oil refinery project would be finished in two months. This is a significant step towards improving the nation of South Asia’s energy sector and bilateral relations.
The subject came up during a meeting between the Pakistani state minister for petroleum and Nawaf bin Said Al-Malki, the Saudi ambassador, during which other subjects of interest were also discussed.
During the visit of Saudi Crown Prince Mohammed bin Salman to Islamabad in February 2019, the two parties signed a memorandum of understanding to establish the refinery project. Authorities in Pakistan insisted that the facility, which would cost over $10 billion, would lessen Pakistan’s reliance on expensive oil imports.
The official statement released following the interaction between the two officials stated that “a roadmap for the future of the Greenfield Oil Refinery was determined during the meeting. The desire to complete the agreement within the next one to two months was expressed by both parties.
The project of an oil refinery in Pakistan has a lot of potential and will benefit the nation greatly. The construction of the refinery will support overall economic growth in addition to supplying the world’s rising demand for petroleum products.
Pakistan received its first shipment of discounted Russian crude oil earlier this week, which officials hoped would result in a significant decrease in import costs and more financial flexibility for the government.
As more of these shipments approach, the refinery project assumes greater importance for the nation’s energy security.
The Pakistan Bureau of Statistics estimates that the total imports into Islamabad are made up of approximately 29% energy products.
A federal department of the Pakistani government is the Pakistan Bureau of Statistics. The Ministry of Planning, Development, and Special Initiatives oversees it as an attached division. It is effective for gathering statistics across the nation.