Saudi Arabia has decided to set up a $15 billion Oil Refinery in Pakistan | TTC

Pakistan has been trying for a long time to set up a large-scale oil refinery. But due to bad financial conditions, this was not possible for a long time. But recently, an agreement has been reached between Pakistan and Saudi Arabia in which Saudi Arabia has decided to set up an oil refinery in Pakistan. In this context, Saudi Arabia will invest $15 billion in Pakistan. A final deal is likely in the 1st week of August. This agreement can be done at the World Mineral Conference which is being hosted by Pakistan.

In the World Mineral Conference, which is going to be held on July 31, 2023, Pakistan has invited Saudi Arabia and other Gulf countries to participate.

If the contract of this oil refinery is concluded successfully, it will be very beneficial for Pakistan. Pakistan, which is currently going through economic crisis, will be able to improve its financial condition little with this investment from Saudi Arabia. With this, Saudi Arabia will also get huge benefits because Pakistan will provide more ease in selling oil to Saudi Arabia due to its prime location.

 

 

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