Saudi Arabia eyes $10bn investment for oil refinery in Gwadar read more

News Desk: Pakistan has taken a decision to increase petroleum storage, with an expected investment of $10 billion from Saudi Arabia for the establishment of an oil refinery in Gwadar.

Sources in the Ministry of Petroleum said Saudi Arabia is likely to invest in the proposed refineries in Gwadar. Saudi Aramco plans to set up the refinery in collaboration with Pakistani companies.

According to sources, 60 per cent of the investment will be made by Saudi Arabia, while 40 per cent will come from Pakistani firms. The project is set to include PSO, OGDCL, PPL and GHPL.