Pakistan, Saudi Arabia to Mark a Loan Deal
As the prime minister is visiting next week, Islamabad and Riyadh will sign a memorandum of understanding for a $500 million loan as both nations work to mend their troubled bilateral relations, which have been dormant for a year due to disagreements on regional matters.
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A new oil refinery policy will be shared between Pakistan and the monarchy.
Abdul Razak Dawood, Saudi Arabia’s Commerce Adviser, had declared two years prior that Saudi Arabia would build a $5 billion to $7 billion oil refinery, with a deadline of 15 to 18 months for the completion of feasibility and technical studies. The project is still unfinished.
The draught oil refinery policy had been approved by the Petroleum Division and would be shared with Saudi Arabia during the PM visit, according to Prime Minister (SAPM) on Power and PM’s Assistant on Petroleum, Tabish Gauhar.
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In order to provide consumers with environmentally beneficial products, he stressed the importance for protecting the existing five oil refineries under the new strategy.
The two nations may also sign a memorandum of understanding (MoU) on a green collaboration, under which current oil refineries would be required to convert their output to Euro-V standards within a new time frame.
It is important to note that around 40% of the upgrade cost will be covered by customers, with the remaining costs being covered by refineries.
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