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Worlds Third Largest Oil Refinery To Be Established In Pakistan

Posted In Trending By Fiza Khan - 17 Jan 2019

The Good Time Is Finally Upon Us! -World’s Third Largest Oil Refinery to be Established in Pakistan



World's Third Largest Oil Refinery to be Established in Pakistan:  The good news is finally upon us. It seems like Tabdeeli has started showing up its colors. As the third week of this new year kicks-off, we receive confirmation of the establishment of the World's Third largest oil refinery by Saudi Minister for Petroleum, and Energy Khalid Bin Abdul Aziz at the cost of $10 billion in Gwadar on Sunday.


Source: Dawn


Reportedly, Saudi Crown Prince Muhammad bin Salman will visit Pakistan next month to sign this agreement. This agreement will make Saudi Arabia a major collaborator in CPEC, according to the Saudi Minister. He further said the Kingdom is keen to invest in other sectors too.


According to TOI, a Saudi delegation led by Khalid Bin Abdul Aziz came to Balochistan, Gwadar On Saturday to inspect the proposed land for the oil refinery and they were welcomed by Federal Minister for Petroleum and Natural Resources, Ghulam Sarwar Khan.


Source: Times of Islamabad



Moreover, the delegation was accompanied by Chief Executive Officer of Aramco Associated Company, Al Buainain Ebrahim Qassim.


During this visit for site inspection, the Saudi Energy Minister shared his views with reporters and said:



"Saudi Arabia wants to make Pakistan's Economic Development stable by establishing an oil refinery and partnership with Pakistan in the China-Pakistan Economic Corridor."




The deep seaport city of Gwadar, located in the southwestern province of Baluchistan, is the hub of China’s $60 billion investment program, as part of the China-Pakistan Economic Corridor, widely known as CPEC.


Pakistan Petroleum Minister, Ghulam Sarwar Khan, stated:


"With Setting Up of an Oil Refinery in Gwadar, Saudi Arabia will become an important partner in CPEC."



It is worth noting that these development programs are the results of Pakistan's ruling party, PTI's efforts to acquire development packages in an attempt to tackle the soaring current account deficit caused partly by rising oil prices.


It's no less than a sigh of relief for Pakistanis who are seeing their newly elected Prime Minister, Imran Khan fighting tooth and nail to lift Pakistan ever since he took charge.


Our Take on World’s Third Largest Oil Refinery to be Established in Pakistan


No wonder, the news of the world's third largest oil refinery to be established in Pakistan will open further doors to improve the bilateral relationships between Saudi Arabia and Pakistan. Subsequently, it will benefit Pakistan in boosting its wrecking economy since the country is in desperate need of investments and other financial aids to tackle the current economic crisis.


So, Pakistanis, how do you see this news? Do tell us your take on this development in the comments below; for more freshly brewed content, stay tuned to RateDesi!

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