Monday, February 22, 2021

Significant progress in launching the country's first "Oil City" project in Gawadar

Saudi Arabia's serious efforts to invest 10 billion dollars in Pakistan, Gwadar oil refinery

Saudi Arabia's serious efforts to invest 10 billion dollars in Pakistan, Gwadar oil refinery master plan likely to be ready by the end of this year


Gwadar (Today's Chitral latest. February 22, 2021) Major progress in the launch of the country's first "Oil City" project, Saudi Arabia's serious efforts to invest 10 billion dollars in Pakistan.  The master plan of Gwadar Oil Refinery project is likely to be prepared by the end of this year.  According to details, significant progress has been made regarding the launch of the largest project in the history of bilateral relations between Pakistan and Saudi Arabia.

It has been reported that Saudi Arabia will invest 10 billion dollar for the construction of a mega oil city project in the coastal city of Gwadar in Pakistan.  The work of preparing the master plan of this project is in full swing.  It was informed that the master plan of Gwadar Oil City project is likely to be completed by the end of this year.

An oil city will be built on a total area of ​​88,000 acres in Gwadar.

Saudi Arabia has assured that its country will soon begin formal work on a 10 billion dollar oil refinery project in Pakistan.  The Saudi government is serious about the plan.  It has been reported that the global crisis caused by the coronavirus has caused some delays, but as soon as the situation improves, efforts are being made to start regular construction work on the project as soon as possible.

The Saudi King has also approved a 10 billion dollars investment for Pakistan.  A few months ago, a meeting chaired by Saudi King Salman discussed investment issues for the construction of an oil refinery in Pakistan.  After deliberation, Shah Salman approved the start of construction of an oil refinery in Pakistan.  Meanwhile, a delegation of the Saudi government had recently visited Pakistan to make progress on the project.

Under the project, Saudi Arabia will build a multi-billion dollar oil refinery in Gwadar, Pakistan's coastal city, the most important city for C-Pack.  The process of hiring technicians for the Gwadar Oil Refinery project was started in October 2019.  It should be noted that Crown Prince Muhammad bin Salman of Saudi Arabia had announced an investment of more than 20 billion dollars during his visit to Pakistan in 2019.

A special Saudi delegation also visited Pakistan last year to ensure implementation of these agreements, during which it was announced that construction of the Gwadar Oil Refinery would begin soon.  The Gwadar Oil Refinery project will be the largest energy project in the history of the country.  With the completion of this project, Pakistan will be largely self-sufficient in terms of its energy needs.  The project will enable Pakistan to stockpile more petroleum products.  Having more reserves will stabilize the prices of petroleum products in Pakistan, which will also lead to positive results for the country's economy.


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