Saudi Arabia has decided to invest in a new oil refinery in Pakistan’s growing deep-sea port of Gwadar.
About:
Gwadar is a port city in Pakistan’s mineral rich southwestern Balochistan province.
Gwadar’s port is being developed as part of the $60 billion China-Pakistan Economic Corridor (CPEC), to connect the western Chinese region of Xinjiang with the Arabian Sea via Pakistan, as part of China’s Belt and Road initiative (BRI).
Recent Agreement:
State-owned Pakistan State Oil will partner with Saudi state oil giant Aramco on the project.
The agreement follows a visit last month by Pakistan’s new Prime Minister Imran Khan to the Saudi Arabia as he seeks to attract foreign investment.
The agreement is set to be signed between Pakistan State Sil and Riyadh’s State oil giant Saudi Aramco.
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