During a follow up meeting to the visit of Minister of State for Petroleum, Musaddak Malik, to Saudi Arabia, it was stated that the Pakistan embassy is working closely with the Saudi government and related authorities to build further understandings between both the countries regarding decided projects and economic plans. Saudi Arabia has linked billions of dollars of oil refinery establishment in Pakistan. Political consensus and cabinet approval has been acquired. The conditions and plans have been put forward by M/s Aramco.
Pakistan ambassador stated that the government of Pakistan should look forward to pursue a favorable cabinet decision and accept the terms and conditions of the project proposed by Aramco. According to the Saudi minister of investment, the matter should also be discussed with the parliament.
The ambassador highlighted that the embassy is already in contact with the focal person for the project that was decided by the ministry of Energy. He has also asked for the government of Pakistan to keep the embassy in light about the further developments and continuity of the oil refinery project. Government of Pakistan shall also be sharing the project briefs and plans with the Saudi authorities for their consideration.
Musaddak Malik also informed that the Prime Minister of Pakistan has approved the project completely and the terms and conditions put forward by Aramco are to be discussed and finalized by the cabinet. Saudi authorities have welcomed the decision and are looking forward to the cabinet approval. The project has already been accepted by the Saudi leadership but due to Aramco being a publicly listed company, the economics of the project are of utter significance.