Pakistan to develop fresh petroleum policy to materialise $12bn Saudi investment

• Policy will provide Pakistan way to attract multi-billion-dollar investments.
• Pakistan, KSA discuss, review areas of mutual cooperation.
• Two sides agree to hold follow-up meeting next week.

ISLAMABAD: In a bid to facilitate the potential investment of $10 to $12 billion from Saudi Arabia, Pakistan directed the relevant authorities to approve a fresh petroleum policy, The News reported. 

Earlier this week, Islamabad persuaded Riyadh to establish a $12 billion state-of-the-art deep conversion refinery along with a petrochemical complex in Pakistan. 

The petroleum policy will provide Pakistan with a way to attract multi-billion-dollar investments. On Wednesday, different ministries held consultations for finalising draft agreements, which are expected to be signed during the upcoming visit of Saudi Crown Prince Mohammad Bin Salman to Pakistan. 

Finance Minister Ishaq Dar on Thursday held a virtual meeting on the First Joint Economic Sub Committee of the Saudi-Pakistan Supreme Coordination Council with Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz. 

Minister for Board of Investment (BOI) Chaudhry Salik Hussain, State Minister for Petroleum Dr Musadik Masood Malik, SAPM on Finance Tariq Bajwa and other senior officers from ministries of Finance, BOI, Maritime, Aviation, IT and Telecommunication, Food Security & Research, Petroleum and Power Division attended the meeting.

Both sides discussed and reviewed areas of mutual cooperation and collaboration including energy, industry, mineral resources, commerce, finance, investment tourism, communication information and technology, agriculture, food security, transportation, logistics, maritime, and work to increase trade exchange and investment between the two countries.

“The two sides agreed to hold a follow-up meeting next week to ensure the maximum progress is made in bilateral cooperation in these sectors so that significant agreements are signed during the visit of HRH Mohammed Bin Salman, Crown Prince and Prime Minister of Kingdom of Saudi Arabia next month,” the statement concluded.

Dar reiterated that both countries have an exceptional relationship based on social, political, religious and cultural fronts and the need of the hour was to strengthen mutual trade and investment. Both sides also exchanged views on various measures for achieving a greater level of cooperation and for further strengthening the relations.

Prince Abdulaziz bin Salman Al Saud recalled the recent visit of Prime Minister Shehbaz Sharif and mentioned that both sides showed tremendous political will for enhancing bilateral ties.

The Saudi prince highlighted the depth of relations between the two friendly countries in all fields. It was also shared that both countries enjoy long-standing strong mutual historic, religious and cultural ties.

Meanwhile, Dar offered his thanks to the government of the Kingdom of Saudi Arabia for its commitment and dedication towards the Pakistan government and highlighted the deep-rooted ties between both countries in various fields.