Saudi Arabia interested to invest in alternative energy sector in Pakistan

Published October 1, 2018
Saudi delegation assures full cooperation for the resolution of problems faced by the energy sector in Pakistan. —PID
Saudi delegation assures full cooperation for the resolution of problems faced by the energy sector in Pakistan. —PID

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.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.
Concerning measures
Updated 03 Nov, 2024

Concerning measures

The govt must seek political input and consensus on the changes it is seeking to make and be open about its intentions.
Short-lived relief?
03 Nov, 2024

Short-lived relief?

POLICYMAKERS must be jumping with joy. At the close of the first quarter of FY25, the budget posted a consolidated...
Brisk spread
03 Nov, 2024

Brisk spread

THE surge in polio cases has reached distressing levels with a tally of 45 last reported, after two cases emerged in...