Pakistan, Saudi Arabia review progress on energy MoUs

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ISLAMABAD: Pakistan and Saudi Arabia have reviewed the progress made on existing memorandums of understanding (MoUs) in the energy sector and discussed possibilities for further expansion of mutual cooperation between the two countries in diverse fields.

In a delegation-level meeting held on Thursday, the two sides resolved to expedite work on different MoUs signed in February this year with regard to setting up an oil refinery at a cost of $10 billion, a petrochemical complex at $1 billion, installation of two regasified liquefied petroleum gas (RLNG) plants at $4 billion and mineral sector development at a cost of $2 billion.

Energy Minister Omar Ayub Khan led the Pakistani side, while the Saudi delegation was headed by Mining Affairs Deputy Minister Khalid Saleh AL Modaifer and Ambassador Nawaf Saeed Bin Al Maliki.

Addressing the meeting, Omar Ayub said Pakistan believed that bilateral cooperation in energy, minerals and other sectors would foster the historic and brotherly relationship between the two states.

He said the government, under the leadership of Prime Minister Imran Khan, was fully committed to turning Pakistan into a regional economic hub.

“We are thankful to our Saudi brothers for supporting us through the arrangement of supply of oil on deferred payments,” the minister said. “We are also grateful that Saudi oil, chemicals, mineral and power companies have expressed their keen interest to explore investment opportunities in Pakistan.”

Omar Ayub assured the delegation that the government and its relevant entities and organizations would leave no stone unturned in facilitating the Saudi investors.

“We want to ensure visible progress in the days to come so that we have tangible achievements to showcase in the upcoming meetings, scheduled to be held in KSA, between the leadership of the two countries,” the minister said.

Special Assistant to Prime Minister on Petroleum Nadeem Babar on the occasion informed the delegation about the measures being taken to streamline matters related to the energy sector.

Currently, he said, around 1,600-megawatt electricity was being produced through renewable energy resources, which would be taken to 10,000MW by 2025 and 18,000MW by 2030.

Saudi Deputy Minister Khalid Saleh Al Modaifer appreciated the measures being taken by Pakistan to strengthen its energy sector and expressed confidence that bilateral ties between the two countries would be further strengthened with each passing day.

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