Saudi Arabia to study enhancing investments in Pakistan to $10 billion :

[muhammadhafeezmalik]

Source please?

Also, is this different from the one which was being negotiated by the PTI government?

This has widely reported in media, even some details are there in the Youtube link provided above

During PTI they were discussing mostly on feasibility and viability

Future of Saudi investment on refinery in question

ISLAMABAD: Special Assistant to Prime Minister on Power and Petroleum has told The News that the Kingdom of Saudi Arabia will not install a refinery at Gwadar but has indicated to set up a refinery...

www.thenews.com.pk

 

[Solidify]

Joke clowns of the day
nothing to give, only take take take

 

[Clutch]

 

[jupiter2007]

Highly doubtful since rupee value is dropping and we have high inflation. unless he wants something in return.

 

[Dalit]

In other words, doom scenario is only a matter of time.

 

[TheDarkKnight]

So all we got is a ‘study’ that is yet to start, and not even an MOU (of which we 100s of billion dollar worth now).

Looks like a truck ki bati.

 

[Dalit]

So all we got is a ‘study’ that is yet to start, and not even an MOU (of which we 100s of billion dollar worth now).

Looks like a truck ki bati.

The Saudis aren't investing a penny Pakistan. We already know this.

 

[MultaniGuy]

Saudi Arabia to study enhancing investments in Pakistan to $10 billion​

• Saudi Crown Prince Mohammed bin Salman orders a study to increase kingdom's deposits with Pakistan's central bank to $5 billion
• Directives by Saudi crown prince follows new Pakistan army chief's recent visit to kingdom, where he met senior Saudi leadership

A handout picture provided by the Saudi Royal Palace shows Saudi Arabia's Crown Prince Mohammed Bin Salman (R) welcoming Pakistani Prime Minister Shehbaz Sharif in Jeddah on April 30, 2022. (AFP/File)

ISLAMABAD: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has directed authorities to study “augmenting” the kingdom’s investments in Pakistan to $10 billion, the Saudi Press Agency (SPA) reported on Tuesday.

Saudi Arabia’s King Salman bin Abdulaziz Al Saud on August 25, 2022, directed the kingdom to invest $1 billion dollars in Pakistan. The directive came during a telephone call between Saudi Foreign Minister Prince Faisal bin Farhan and his Pakistani counterpart Bilawal Bhutto-Zardari last year. Saudi Arabia also extended its deposits to the reserves of Pakistan’s central bank in December 2021 for three years.

The announcement comes at a crucial time for Pakistan, as it actively looks to avoid a balance-of-payments crisis by seeking external financing. The South Asian country’s foreign reserves plummeted to $5.8 billion last year, the lowest in eight years, sparking fears Pakistan may default on its international payments.

The country, already reeling from skyrocketing inflation and a depreciating currency, is desperately trying to revive a loan program with the International Monetary Fund (IMF) to repose confidence in investors and international financial institutions that remain skeptical of Pakistan’s ability to honor its financial commitments.

“His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has directed to study augmenting the Kingdom of Saudi Arabia’s investments in the sisterly Islamic Republic of Pakistan which have previously been announced on August 25, 2022, to reach $10 billion,” the SPA said.

As per the SPA, the crown prince also directed the Saudi Development Fund to study increasing the amount of the deposit provided by the kingdom in favor of Pakistan’s central bank, to $5 billion. “This came within the framework of the existing communication between HRH the Crown Prince and Muhammad Shehbaz Sharif, Prime Minister of Pakistan,” it added.


The announcement by the crown prince closely follows the recent visit of Pakistan's new army chief, General Syed Asim Munir, to Saudi Arabia where he met the crown prince and senior Saudi civil and military leaders.

Pakistan has always maintained close diplomatic and defense relations with Saudi Arabia. According to official statistics, the Pakistani diaspora in Saudi Arabia remitted $6.67 billion in 2022, which makes the kingdom an important economic and investment partner for the South Asian country.

Saudi Arabia has come to Pakistan’s aid whenever the South Asian country faces tough financial circumstances by offering it deferred oil payment facilities and sending substantial amounts of money to shore up its forex reserves.

The two countries also reached an understanding to set up a $12 billion oil refinery in Pakistan during the Saudi crown prince's official visit to Pakistan in February 2019. Pakistan has said it has done much of the work to implement the project.

Saudi Arabia to study enhancing investments in Pakistan to $10 billion

ISLAMABAD: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has directed authorities to study “augmenting” the kingdom’s investments in Pakistan to $10 billion, the Saudi Press Agency (SPA) reported on Tuesday. Saudi Arabia’s King Salman bin Abdulaziz Al Saud on August 25, 2022...

www.arabnews.pk

Alhamdolilah, Crown Prince Mohammed bin Salman directs to study increasing Saudi investment in Pakistan to $10 billion.

A good move, because I think one day Pakistan and Afghanistan will become one country.

Pakistan will be a strong country one day.

The Saudis aren't investing a penny Pakistan. We already know this.

The article is also on Arab News as well.

 

[HAIDER]

A few conditions recently surfaced. Only Saudi oil will be processed in these refineries and will be converted to the Chinese supply point. This is not a new project, it's been pending for many years. Pakistan already buys 40 to 50 billion dollars of oil from KSA. Nothing is free, projects come with stick conditions, where Pakistan can't buy oil from the open market or Iran, Russian etc etc ...
More to come...

 

[teX]

Saudi Arabia to study enhancing investments in Pakistan to $10 billion​

• Saudi Crown Prince Mohammed bin Salman orders a study to increase kingdom's deposits with Pakistan's central bank to $5 billion
• Directives by Saudi crown prince follows new Pakistan army chief's recent visit to kingdom, where he met senior Saudi leadership

A handout picture provided by the Saudi Royal Palace shows Saudi Arabia's Crown Prince Mohammed Bin Salman (R) welcoming Pakistani Prime Minister Shehbaz Sharif in Jeddah on April 30, 2022. (AFP/File)

ISLAMABAD: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has directed authorities to study “augmenting” the kingdom’s investments in Pakistan to $10 billion, the Saudi Press Agency (SPA) reported on Tuesday.

Saudi Arabia’s King Salman bin Abdulaziz Al Saud on August 25, 2022, directed the kingdom to invest $1 billion dollars in Pakistan. The directive came during a telephone call between Saudi Foreign Minister Prince Faisal bin Farhan and his Pakistani counterpart Bilawal Bhutto-Zardari last year. Saudi Arabia also extended its deposits to the reserves of Pakistan’s central bank in December 2021 for three years.

The announcement comes at a crucial time for Pakistan, as it actively looks to avoid a balance-of-payments crisis by seeking external financing. The South Asian country’s foreign reserves plummeted to $5.8 billion last year, the lowest in eight years, sparking fears Pakistan may default on its international payments.

The country, already reeling from skyrocketing inflation and a depreciating currency, is desperately trying to revive a loan program with the International Monetary Fund (IMF) to repose confidence in investors and international financial institutions that remain skeptical of Pakistan’s ability to honor its financial commitments.

“His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has directed to study augmenting the Kingdom of Saudi Arabia’s investments in the sisterly Islamic Republic of Pakistan which have previously been announced on August 25, 2022, to reach $10 billion,” the SPA said.

As per the SPA, the crown prince also directed the Saudi Development Fund to study increasing the amount of the deposit provided by the kingdom in favor of Pakistan’s central bank, to $5 billion. “This came within the framework of the existing communication between HRH the Crown Prince and Muhammad Shehbaz Sharif, Prime Minister of Pakistan,” it added.


The announcement by the crown prince closely follows the recent visit of Pakistan's new army chief, General Syed Asim Munir, to Saudi Arabia where he met the crown prince and senior Saudi civil and military leaders.

Pakistan has always maintained close diplomatic and defense relations with Saudi Arabia. According to official statistics, the Pakistani diaspora in Saudi Arabia remitted $6.67 billion in 2022, which makes the kingdom an important economic and investment partner for the South Asian country.

Saudi Arabia has come to Pakistan’s aid whenever the South Asian country faces tough financial circumstances by offering it deferred oil payment facilities and sending substantial amounts of money to shore up its forex reserves.

The two countries also reached an understanding to set up a $12 billion oil refinery in Pakistan during the Saudi crown prince's official visit to Pakistan in February 2019. Pakistan has said it has done much of the work to implement the project.

Saudi Arabia to study enhancing investments in Pakistan to $10 billion

ISLAMABAD: Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has directed authorities to study “augmenting” the kingdom’s investments in Pakistan to $10 billion, the Saudi Press Agency (SPA) reported on Tuesday. Saudi Arabia’s King Salman bin Abdulaziz Al Saud on August 25, 2022...

www.arabnews.pk

Alhamdolilah, Crown Prince Mohammed bin Salman directs to study increasing Saudi investment in Pakistan to $10 billion.

Study pe ap log itna khush ho rahy hein, jb study complete ho ge tau ap log nangy ho kr (your masters' fav thing) nachanny lag jayen ge :p

 

[xyxmt]

You know when one of your self imposed friend keep asking for money you finally agree to look into it just to get rid of him

magar in Bhikari BC'doon me itni aqal kahan, yeh BC is ko celebrate ker rehy hain. I really cant understand why these mentally retards are imposed on Pakistan

 

[epebble]

Pakistan says 'very close' to locking $12 billion oil refinery deal with Saudi Arabia​

Agreed points:

- Both side inject $1.5 billion as equity
- Equity loan ration will be at 30:70
- Rest of the 70% amount will be raised through commercial banks
- Land will be provided by Government of Pakistan
- Design and feasibility

Disagreement

- KSA wants 7.5 percent deemed duty on gasoline and diesel for 25 years, along with 20 years tax holiday and waiver of 5% import duty on crude oil.
- Pakistan offered 10 percent deemed duty for the first 10 years of the operational project and 10 years tax holiday

What purpose does the refinery serve? Is it to sell petroleum products within Pakistan? Normally, it makes sense to locate a refinery at the point where crude is produced or where the refined products are used. This requires a large petrochemical industry that can convert various fractions to plastics, asphalt, bitumen, gas, naphtha (for fertilizer) etc., Without a large industrial base, it makes little sense to transport crude and take the refinery products elsewhere. Especially when some of the products may be gases.

 

[MultaniGuy]

Its a good initiative. May Pakistani-Saudi ties grow to higher heights.

 

[muhammadhafeezmalik]

What purpose does the refinery serve? Is it to sell petroleum products within Pakistan? Normally, it makes sense to locate a refinery at the point where crude is produced or where the refined products are used. This requires a large petrochemical industry that can convert various fractions to plastics, asphalt, bitumen, gas, naphtha (for fertilizer) etc., Without a large industrial base, it makes little sense to transport crude and take the refinery products elsewhere. Especially when some of the products may be gases.

India exported refined petroleum products worth $37.3 billion in FY22, highest to UK and the second largest importer from India was UAE, almost 10% of petroleum products exported by India was purchased by UAE whereas Netherlands remained 3rd largest importer of Indian refined petroleum products.

India became 5th largest exporter of refined petroleum products whereas US and China are the largest and second largest exporters of the commodity. China released Very Low Sulphur Marine Fuel (VLSFO) this year to 16.75 million tonnes, nearly 40% more than 2021.

A few conditions recently surfaced. Only Saudi oil will be processed in these refineries and covert to the Chinese supply point. This is not a new project, it's been pending for many years. Pakistan already buys 40 to 50 billion dollars of oil from KSA. Nothing is free, projects come with stick conditions, where Pakistan can't buy oil from the open market or Iran, Russian etc etc ...
More to come...

Why China would import refined petroleum products, China is already exporting huge amount of refined petroleum products? Inverters does not invest for charity, obviously it would be beneficial for each-other.

 

[HAIDER]

India exported refined petroleum products worth $37.3 billion in FY22, highest to USA and the second largest importer from India was UAE, almost 10% of petroleum products exported by India was purchased by UAE whereas Netherlands remained 3rd largest importer of Indian refined petroleum products.

India became 5th largest exporter of refined petroleum products whereas US and China are the largest and second largest exporters of the commodity.

In its bilateral agreement, UAE has invested in billions of dollars in petroleum storage facilities in India. Plus India buys oil from KSA and UAE and in return ....