KARACHI: Caretaker Federal Minister for Energy, Power and Petroleum Muhammad Ali has said that Pakistan is continuously trying to bring investment of 10 billion dollars from Saudi Arabia in the form of petroleum oil refinery, the results of these efforts will be revealed in a few months.
Speaking to the media on the sidelines of “The Future Summit. The Big Picture”, the Federal Minister said that practical steps are being taken to bring investment from foreign countries, there is no delay in the investment of Saudi Aramco Company. Yes, it is an 8 to 10 billion dollar project.
In response to a question, he said that Aramco has not decided the location of the refinery yet, Aramco can set up the refinery in either Gwadar or Hub.
It should be remembered that Saudi Crown Prince Mohammed bin Salman announced an investment of 21 million dollars on the occasion of his visit to Pakistan in February 2019, including a plan to establish an oil refinery at a cost of 10 billion dollars.
the first 4 months of the current financial year; Increase in exports, decrease in trade deficit
Earlier, while addressing the opening session of the two-day conference, the Federal Minister said that the nation must focus on increasing export income and promoting the documented economy to get out of the current economic crisis. , which need to be revised.
Addressing the event, Director General Strategic Projects Major General Shahid Nazir said that under the “Green Pakistan Initiative”, Pakistan Army has undertaken to transform barren and desolate lands into fertile agricultural lands.
According to the plan, 18,200 square kilometers of land across the country will be converted into agricultural land, which is more than 42 countries in the world in terms of area. To attract investment, the UAE and China have expressed interest in investing in the project.
100% increase in Pakistan’s exports to China
President Overseas Investors Chamber of Commerce and Industry Aamir Pracha asked the participants to believe in Pakistan and invest, today’s challenges will be tomorrow’s opportunities, youth are the asset of the country and nation.
Former Minister of State, CEO Nutshell Group Muhammad Azfar Ehsan said that Pakistan’s biggest challenge is not the economic crisis but the 28 million children who are out of school.