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

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...