Shoura of Kingdom of Saudi Arabia (KSA) given approval for signing Memorandum of Understanding (MoU) between the Saudi Arabia and Pakistan for developing renewable energy projects.
The Shura Council of KSA tweeted that “Al-Shoura approves a draft MoU between the government of the KSA and the government of the Islamic Republic of Pakistan in the field of developing renewable energy projects”.
The cooperation on renewable energy in Pakistan and KSA was initiated in February 2019 during the visit of KSA’s Crown Prince Mohammed bin Salman to Pakistan, Both countries signed short-, mid- and long-term investment agreements worth over $20 billion, including for energy and petroleum projects during the visit.
Saudis are helping Pakistan in the power sector by installing 500 megawatts renewable energy projects worth $4.5 billion in Baluchistan .
Short-term projects signed in February include two Regasified Liquefied Natural Gas plants for $4 billion, a $2 billion investment by Saudi power producing company ACWA Power in Pakistan’s renewable energy sector and a $1 billion Saudi Fund for Pakistan. Mid-term projects include $1 billion each for petrochemical and food and agricultural projects.
The long-term investments are $10 billion for the construction of the multi-billion-dollar Saudi Aramco oil refinery in Gwadar and $2 billion for the minerals sector, the report said.