ISLAMABAD: Saudi oil giant, Aramco, has declared Hub in Balochistan as the most suitable location to set up an oil refinery and petrochemical complex there with $12 billion investment.
This development has surfaced as the coalition government has persuaded Saudi Arabia to initiate work of $12 billion mega project involving the construction of a refinery and petrochemical complex in Pakistan.
According to sources, Aramco, a Saudi oil conglomerate had already conducted a feasibility study for a refinery and petrochemical project in Hub area of Balochistan. Aramco, however, has rejected the idea of making this investment in Gwadar, Balochistan.
According to sources, the government officials have made hectic efforts in convincing Saudi authorities to implement the MoUs and invest in Pakistan.
In November, Saudi Crown Prince Mohammad Bin Salman is scheduled to visit Pakistan along with a high-level delegation. During the visit of Saudi Crown Prince, it is expected that a formal announcement will be made by Saudi Arabia regarding mega investment in a oil refinery and establishment of a petrochemical complex.
In Feb 2019, Saudi Arabia and Pakistan signed various Memorandums of Understanding (MoUs) involving $21 billion investment in various sectors in Pakistan.
The coalition government has pinned high hopes with the upcoming visit of Saudi Crown Prince Mohammad Bin Salman probably in last week of November this year.
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
