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Agreements worth $21 billion to be signed between Pakistan and Saudi Arabia

Dunya News

MoUs of five hydropower projects worth SR1.207 billion are expected to be signed.

ISLAMABAD (Dunya News) - Following the visit of Saudi Crown Prince Muhammad Bin Salman, Pakistani officials have already flagged up that Saudi Arabia will announce seven investment agreements related to energy, tourism, minerals, petrochemicals, hotel industry events, and a $10 billion oil refinery and petrochemicals complex in the coastal city of Gwadar, where China is building a port.

Gwadar is the nerve centre of China-Pakistan Economic Corridor (CPEC) which has manifested investors’ confidence in the economy of Pakistan as the multi-billion dollar project is poised to bring massive investment in the country.

Short-term projects worth $7 billion with a span of one to two years, medium-term projects worth $2 billion with a span of two to three years and long-term projects worth $12 billion with a span of three to five years are included in the agreements.

According to sources, Saudi Arabia is interested in buying two LNG-fired power plants including the Haveli Bahadur Shah Power Plant and the Balloki Power Plant.

Memorandums of Understanding (MoUs) of five hydropower projects worth SR1.207 billion are expected to be signed during the visit of Saudi crown prince.

Under the agreement, SR375 million will be contributed for Diamer Bhasha and SR300 million for Mohmand Dam Hydropower Project.

Moreover, SR150.37 million will be granted for the Jamshoro power project whereas SR130.12 million will be provided for the Jagran Hydropower Project and SR247.5 million for the Shounter Hydropower Project.

Sources said that the Federal Cabinet had already approved the signing of $322 million financial agreement between Pakistan and Saudi Development Fund (SDF) on a summary submitted by the Economic Affairs Division.