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Saudi Arabia likely to inject an estimated $1 billion into the Reko Diq project, Minute Mirror reported on Wednesday citing sources within the Finance Ministry.
The report said that the Finance Ministry have disclosed intentions to vend shares of Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) to Saudi Arabia as a segment of an investment accord.
Reports suggest that groundwork for the investment is underway in Saudi Arabia, with expectations for the investment to materialize in the imminent month.
In a momentous turn of events, the agreement for the Reko Diq project was sealed in London under the aegis of the Government of Balochistan.
Prime Minister Shehbaz Sharif is scheduled to establish a supervisory committee to monitor Saudi Arabia’s investment in Reko Diq, according to insiders from the Finance Ministry.
The committee is anticipated to consist of representatives from the Ministry of Finance, OGDCL, PPL, and the Ministry of Energy, aimed at ensuring efficient coordination and oversight.
Following the formation of the committee, a comprehensive summary outlining the investment proposal will be submitted to Prime Minister Shahbaz Sharif for endorsement, as per Finance Ministry sources.
Subsequently, committee members are set to embark on a journey to Saudi Arabia for conclusive negotiations, leading to the execution of a government-to-government agreement between Pakistan and Saudi Arabia to formalize the investment in Reko Diq.