Saudi Arabia to build $10bn Aramco-run oil refinery in Pakistan.

Speculation over Saudi Arabia’s rumoured building of an oil-refinery in Pakistan has been all-but set in stone after the Minister for Petroleum and Energy Khalid Bin Abdul Aziz Al-Falih’s visit to the country recently.

Al Falih visited the port city of Gwadar that stands at the apex of China’s $60 billion investment in a transport corridor running through Pakistan. There he spoke to reporters and said that Saudi Arabia will visit $10 billion in an Aramco run oil refinery.

Al Falih is quoted by English language news daily Dawn to say that the refinery will be “a landmark investment for the entire region.”

The proposed refinery would be “a centre point for changes in purchase, import and export of oil,” and that it would be completed “in minimum time,” he said.

The minister was accompanied by the CEO of Aramco Trading Ibrahim Qassim Al Buainain, and in the country on “on the instructions of the King,” he told reporters.

His visit will be followed by that of Crown Prince Mohammed bin Salman in February during which he would sign agreement for the refinery in the city.

The agreement is expected to form the major portion of investments Saudi Arabia is expected to make in the country.

Pakistan’s Board of Invest chairman had previously said that Saudi Arabia is also interested in exploring other investments in petrochemicals, mining and energy, including with power generating firm ACWA.

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