A Dawn Article.

Pakistan and Saudi Arabia are set to sign a Memorandum of Understanding (MoU) for the construction of a multi-billion dollar Saudi Aramco oil refinery in Gwadar, according to Saudi English daily Arab News.

Earlier this week, a cabinet member confirmed that Saudi Crown Prince Mohammad bin Salman would arrive in the country in the first week of February and an MoU for establishing a petro-chemical complex was still being worked out on the request of Riyadh.

Pakistan has already received $2bn in cash deposit from Saudi Arabia at an interest rate of 3.18pc while the third tranche of $1bn is due in the first week of February. The Saudi oil facility would also start rolling out this month with an average $274 million per month.

According to Arab News, it is expected that Pakistan will sign a number of investment deals including the construction of mega oil refinery in the month of February in the presence of a high-level Saudi delegation. The conformation to this effect was given by Information Minister Fawad Chaudhry.

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