Pakistan Expects $10 Billion Refinery Agreement with Saudi Arabia in 2023

Pakistan is eagerly awaiting the completion of the long-anticipated $10 billion agreement with Saudi Arabia's oil giant, Aramco, for the establishment of a refinery in Hub, and it is expected to reach its conclusion this year, according to sources.

Furthermore, the Special Investment Facilitation Council (SIFC), a collaborative effort between military and civilian authorities, is actively exploring avenues to secure around $7 billion from Saudi Arabia, potentially granting the kingdom stakes in the Reko Diq project.

It has been confirmed that the requisite policy incentives, aligned with the Greenfield Refinery Policy 2023, have been approved to encourage Saudi Arabian investment.