Pakistan’s pursuit of establishing an oil refinery is making promising strides, with an agreement between Pakistan and Saudi Arabia on track to be signed in early August. This significant agreement is expected to be signed during the upcoming World Mineral Conference. Pakistan is preparing to host a two-day international mineral conference commencing on July 31, with invitations extended to Saudi Arabia, the United Arab Emirates (UAE), and other countries for participation.
The event’s primary objective is to facilitate discussions and collaborations in the mineral sector, creating opportunities for investment and development. Officials from the Ministry of Petroleum have revealed that Memorandums of Understanding (MoUs) between Pakistan and Saudi Arabia have already been successfully executed, laying the groundwork for the forthcoming agreement. This agreement will strengthen the partnership and advance the establishment of the oil refinery, boosting Pakistan’s storage capacity.
Moreover, Saudi Arabia, the UAE, and other nations are set to invest a staggering $15 billion in mineral development projects in Pakistan. This substantial infusion of investment will drive growth and progress in the mineral sector and foster closer economic ties among the participating countries.
