ISLAMABAD   -    Pakistan and Saudi Arabia on Thursday reviewed progress on the existing Memorandums of Understanding (MoUs) in energy sector and discussed possibilities for further expansion of mutual cooperation between the two countries in diverse fields.

In a delegation level meeting, the two sides resolved to expedite the work on different MoUs signed in February this year for setting up $10 billion oil refinery, $1 billion petrochemical complex, installation of two Re-gassified Liquefied Petroleum Gas (RLNG) plants with an estimated cost of $4 billion and $2 billion investment in mineral development sector.

Minister for Energy Omar Ayub Khan led the Pakistani side, while the Saudi delegation was headed by Deputy Minister for Mining Affairs Khalid Saleh AL Modaifer and Ambassador Nawaf Saeed Bin Al Maliki.

Besides, the meeting was attended by all the stakeholders from the two countries with an aim to ensure successful and timely execution of oil refinery, petrochemicals, mining, power and renewable energy projects. 

The meeting is of great significance, especially when Pakistan is planning to hold international road-shows to project possible investment opportunities in Pakistan’s oil and gas sector.

Addressing the meeting, Omar Ayub said Pakistan believed that the bilateral cooperation in energy, minerals and other sectors would foster the long historic and brotherly relationship between the two states.

He said the government of Pakistan, under the leadership of Prime Minister Imran Khan, was fully committed and envisioned to turn Pakistan into a regional economic hub.

“We are thankful to our brothers for supporting us through the arrangement of supply of oil on deferred payment.”

The minister said, “We are grateful that Saudi oil, chemicals, mineral and power companies have expressed their keen interest to explore various investment opportunities in Pakistan.”

He assured the delegation that the government of Pakistan and its relevant entities and organisations were fully committed to provide support and facilities to Saudi investors.

“We want to ensure visible progress in the days to come and well in time having tangible achievements to showcase in the upcoming meetings’ scheduled in KSA between the leadership of two countries.”

Special Assistant to Prime Minister on Petroleum Nadeem Babar informed the delegation about the measures being taken to streamline matters related to energy sector and investment potential.

Currently, he said, around 1,600 megawatt electricity was being produced through renewable energy resources, which would be taken to 10,000 MW in 2025 and 18,000 by the year 2030.

Saudi Deputy Minister Khalid Saleh Al Modaifer appreciated the measures being taken by Pakistan to strengthen its energy sector and expressed confidence that bilateral ties between the two countries would be further strengthened with each passing day.