PM Imran Khan seeks Saudi investors for Pakistan oil refineries
Pakistan needs two oil refineries to meet demand, PM Khan said at Future Investment Initiative
Pakistan's recently appointed Prime Minister Imran Khan has confirmed the county is in talks with investors from Saudi Arabia relating to the construction of oil refineries.
“We are already talking to Saudi investors for an oil refinery in Pakistan,” he said, speaking to an audience at Saudi Arabia’s massive, Public Investment Fund-backed investment conference, Future Investment Initiative (FII), which is currently taking place in the kingdom’s capital Riyadh.
Khan, who became prime minster on 18 August 2018, added: “We actually need two oil refineries in Pakistan to meet demand. We have already met with Saudi investors who have [recently visited] Pakistan.”
His comments came during the second iteration of the FII, hosted by the Public Investment Fund of Saudi Arabia, which is chaired by Crown Prince HRH Prince Mohammed Bin Salman.
According to local media reports earlier this month, the kingdom is reportedly backing the development of a $9bn oil refinery near the China-owned port of Gwadar, which Khan wants to turn into “an oil city”. Khalid Al-Falih, Saudi Arabia’s energy minister, was expected to visit capital Islamabad to sign a memorandum of understanding for the project.
As reported by local daily Dawn at the time, Makhdoom Khusro Bakhtiar, the country’s Minister for Planning and Development, said Gwadar’s development will help Pakistan reduce its dependence on refined fuel imports.