Saudi Arabia Starts Work On Energy And Petroleum Projects Worth $14.5 Billion In Pakistan
Saudi investment will help Pakistan achieve its goal of altering 30% of its energy needs to renewable by 2030.
The work on Saudi Arabia’s energy and petroleum projects worth $14.5 billion has started in Pakistan.
In an interview with Arab News, Omar Ayub Khan, Minister for Power and Petroleum, said that these steps will help boost production, use of oil, renewable power and help in overcoming power deficits.
As per him, Saudi Arabia is helping Pakistan big time in the power sector, it is installing 500 MW renewable energy projects in Baluchistan, the projects stand at a whopping $4.5 billion. All research and study have been carried out by Aqua Power, Saudi Company, Pakistani NTDC (National Transmission & Despatch Company) and many other big names to look into more solar and hybrid projects, that may benefit the country.
Omar Ayub Khan said that hiring technical experts for the Gwadar oil refinery project has already started, and in three months’ time it will be completed. He said that the capacity of the refinery will be about 250,000 to 300,000 barrels daily, which will help Pakistan cut down the yearly import of crude oil by $3 billion.
He said that this was the only the first phase of Saudi investment in Pakistan, as soon as they start seeing results, altogether a new phase of investment will start. Saudi investment will help Pakistan achieve its goal of altering 30% of its energy needs to renewable by 2030.
The minister said that Aramco is working on downstream exploration activities in Pakistan, and they’d happily welcome more companies from Saudi Arabia to invest in the country.
What are your views on this? Share with us in the comments bar below.