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Saudi Arabia interested to invest in alternative energy sector in Pakistan
A high-level Saudi delegation, in a meeting with Energy Minister Omar Ayub in Islamabad, has shown interest to invest in the alternative energy sector in Pakistan, Radio Pakistan reported on Monday.
Led by Riyadh’s adviser on energy Ahmad Hamed Al-Ghamdi, the visiting Saudi delegation is expected to sign four memoranda of understanding (MoUs) for oil and mineral sector investment and trade cooperation that would ultimately extend the Chinese Belt and Road Initiative (BRI) from Gwadar to Africa through Oman and Riyadh.
Ayub informed the Saudi delegation about the power production and new hydropower projects in Pakistan, adding that there was a huge potential of investment in energy sector and assured that foreign investors will be facilitated at every level.
In reply, the Saudi delegation assured full cooperation for the resolution of problems faced by the energy sector in Pakistan.
Moreover, the Saudi delegation also met PM’s Adviser on Trade Abdul Razzak Daud and discussed ways to increase bilateral trade.
Dawn had earlier reported that the visiting delegation also includes members from the Saudi national oil firm, Aramco. Besides authorities of various ministries, state-run Pakistan State Oil (PSO) would be the only Pakistani firm to be part of a direct dialogue.
The MoUs are planned to be signed on the conclusion of a four-day visit of the Saudi delegation.
The move will enable Islamabad to secure supply of petroleum products and crude oil on deferred payments and Riyadh will be looking into setting up of an oil refinery at Gwadar, invest in a copper and gold project in Balochistan’s Reko Diq and LNG-based power projects in Punjab.
Comments (24) Closed
More MoUs? That’s all we ever got from the last government too.
Don't know why but feel uneasy for Saudis investing in alternative energy, it's like we been paying them for oil all our lives and then when that stops we will be paying them for alternative energy.
Welcome to naya Pakistan SA friends.
Pakistan has to include Iran, its neighbour, into this regional geopolitical cooperation.
At least now we are getting something good in return for working with Saudi Arabia.
The whole world has started respecting Pakistan and it is just because of PM Imran Khan.
Very positive news! If you are honest, others will take a chance and invest with you. Thanks IK
MoU.
Saudi delegation assures full cooperation for the resolution of problems faced by the energy sector in Pakistan, and Pakistan assures Saudi Arabia of full cooperation against Iran. That is the part of the deal not made public.
Seems Pakistani side is not ready or ill prepared. They should have a list of projects with details ready to go. General discussions can be held over the phone. Do not expect others to come up with projects, otherwise it will be like the Chinese CPEC projects, all planned and executed for their needs.
Which country not interested in investing in CPEC?
Thank you Saudi for the free grants. Great diplomacy by PMIK
US and Arab money have been curse for us. Can't we try to stand on our feet. We have to compromise on our dignity
Excellent. Pakistan should also ask for enhancing its expatriate labour force so remittances increase.
it is very strange that KSA is interested in Reko Diq. I wonder if they had any experience in this filed. To me KSA has no technology that had developed and in use. They are dependent on almost every mining chemicals from Western Companies. Anyway, when we have a New Chief, he will definitely conduct state affairs with utmost stupidity and poorly. Please check where this product will be extracted separated and what terms it will be sold to KSA. You might not publish it but I assure you, you are not only inviting KSA but Indian and Israel.
It's a right time to ask investment in solar-powered mega projects in Sind and Punjab sector, it's fast to implement physically if compare with dams projects. IK if can solve issues of electric, water and city infrastructure and law and order, nation will behind him for his each and every words..
What is the alternative energy they talking about here, they just cancelled $10 billion solar power project in their own country..
Iran is not going to be happy about these developments at all.
Interested but on 20% interest rate .
Govt must take Balochistan govt into cofidence when signing memoranda regarding projects in Balochistan esp in Reko dek. I wonder why PM has still not visited Balochistan?
Great development as rest of the world doing regardless of political nd security issues. Keep it up with 3rd country contribution as well. Pak Saudi zindabad.
Though there is not a chance of establishing oil industries by Saudis, definitely usable as counterweight to Chinese for better bargaining in future.
Minister sb kindly lift ban on renewable power projects which was imposed by the last govt., this ban has put at stake millions of dollars invested by local investors. Kindly restore the confidence of the local investors, as they have enough resources and capabilities to further invest in the energy sector.
We need to include Iran ad well.
Iran is a great friend of Pakistan and should not be ignored