Petroleum Minister Musadik Malik said that discussions with Saudi Arabia on the divestment of Reko Diq mine shares are advancing positively, with a deal expected to be finalised soon.
Addressing reports about federal cabinet approval of a 15% stake sale, Malik dismissed the claims as untrue. “A price negotiation committee is managing the matter and has completed the legal, financial, and commercial evaluations of the shares. We are now in the Non-Disclosure Phase, but the deal’s structure has yet to be finalised,” he stated.
The minister added that under the Non-Disclosure Agreement (NDA), both sides have agreed to a silent phase during ongoing negotiations. Malik also clarified that the cabinet committee on inter-government commercial transactions regarding Reko Diq has not taken up the matter of selling 15% shares to Saudi Arabia, nor has the federal government approved such a transaction.
Earlier, reports in the national media claimed that the federal cabinet had approved the sale of a 15% stake in the Reko Diq project to Saudi Arabia for $540 million under the Inter-Governmental Commercial Transactions Act.
According to these reports, the cabinet had allegedly authorized the Saudi government to acquire the shares through a direct transaction, describing the move as a significant step towards strengthening bilateral ties and advancing Pakistan’s mining sector.
The reports further suggested that the Kingdom of Saudi Arabia would pay the amount in two installments. In the first phase, Saudi Arabia would acquire a 10% stake in the project by transferring $330 million to Pakistan, with the remaining 5% stake to be purchased in the second phase for $210 million.
