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ISLAMABAD: Saudi Arabia has reportedly linked the construction of a multibillion-dollar oil refinery in Pakistan to political consensus, cabinet approval, and strict requirements put forth by M/s Aramco, it emerged on Friday.
Musadik Malik, the Minister of State (MoS) for Petroleum, recently visited Saudi Arabia. As a result, the Pakistani Embassy is closely collaborating with the relevant Saudi authorities to further the understandings made during the visit.
Pakistan ambassador has suggested the following roadmap: on the oil refinery project, as undertaken by the MoS, GoP should pursue a favorable decision of the Cabinet in support of the terms and conditions proposed by Aramco. Once decision is made, Pakistan should convey it to the Saudi authorities in writing, Business Recorder reported citing sources in Petroleum Division.
The Saudi Minister of Investment had suggested that in order to develop across the board political consensus and ownership of the oil refinery project the matter may also be tabled before the Parliament.
Pakistan ambassador argued that the idea of Parliament approval merits careful consideration.
The Saudi Ministers of Investment, Energy, and Minerals & Investments were informed by the Minister of State for Petroleum and Natural Resources that Prime Minister Shehbaz Sharif has given “in-principle” approval for agreeing to all terms and conditions set by Aramco in order to make the project economically viable. He emphasized that the government was eager to move on with the oil refinery project since it was crucial strategically for Pakistan.
