• Saudi Govt signed seven investment agreements with Pakistan

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    Saudi Arabia signed seven MoU and investment agreements with Pakistan Screen Grab Saudi Arabia signed seven MoU and investment agreements with Pakistan

    Delegation of Saudi Arabia signed seven memorandum of understanding (MoU) and investment agreements with Pakistan, worth $20 billion, to boost bilateral ties.

    The seven pacts

    1 – Saudi Arabia to assist Pakistan in the production of electricity and its generation.

    2 - The Saudi Fund for Development (SFD), set up to channel bilateral aid to developing countries, will finance the supply of crude oil and petroleum products to Pakistan.

    3 - Future cooperation between the Pakistan Standards and Quality Control Authority (PSQCA) and Saudi Standards, Metrology and Quality Organisation. PSQCA is a state body that advises that government on promoting industrial efficiency to improve the competitiveness of Pakistani products in the international markets.

    4 – The Kingdom will establish an integrated refinery petrochemical plant. Saudi Arabia will set up a $10 billion oil refinery in Gwadar, Balochistan. The capacity of the proposed oil refinery will be between 250,000-300,000 bpd (11-13 million tons per annum), according to Radio Pakistan. Further, KSA will study investment opportunities in the refining and petrochemical sectors of Pakistan.

    5- Cooperation and promotion of sports between Saudi Arabia and Pakistan.

    6 – An MoU was signed in the field of mineral and mine resources from Balochistan and the Khyber Pakhtunkhwa province of Pakistan.

    7 – An MoU was signed in the field of developing renewable energy projects.

    Additional support

    Saudi Arabia has also agreed to give Pakistan $3 billion in foreign currency support for a year and a loan of $3 billion in deferred payments for oil imports. With the oil agreement, Pakistan will receive oil worth $2.5 million every month. This agreement will remain in place for three months.

    Pakistan now a destination for long term investment: Dawood

    “This is a purely commercial investment by Saudi Arabia,” Abdul Razaq Dawood, the advisor for commerce, textile, industry, production, and investment tells Media.

    “The world now considers Pakistan a destination for long term investment. Pakistan is no longer a security concern.”

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