Aramco keen to invest in Pakistan refineries, power sector

ISLAMABAD: A delegation of Saudi oil company, Aramco, led by its Vice Chairman Abdul Aziz M. Al-Judaimi, called on the Finance Minister Mohammad Ishaq Dar here on Friday and expressed its interest to invest in oil refineries and power sector of Pakistan.

Abdul Aziz M Al-Judaimi stated that the purpose of the visit was to explore investment opportunities in the energy and petrochemical sectors.

“Pakistan is not only a large market, it also provides access to other markets in the region, therefore, Aramco would be looking at making investment in refineries and power stations,” he said.

Abdulaziz Al-Judaimi informed that a technical team would visit Pakistan soon to seek further details about various potential projects.

He said that the visit was being undertaken under the direction of Prince Muhammad Bin Salman Al Saud, the Deputy Crown Prince of Saudi Arabia.

The finance minister welcomed the delegation and hoped that the visit will lead to further strengthening of economic relations between the two countries.

He referred to the special interest of the Saudi leadership in the development of Pakistan and recalled his visit to Saudi Arabia during which many Saudi companies had indicated their interest in the investment opportunities in Pakistan.

He said that Pakistan offered a very attractive incentive package for foreign investors and Saudi investors must make use of it for mutual benefit of the two sides.

The minister said that the government would be willing to provide facilitation to the technical teams of Aramco.

He stated that the stabilization of macroeconomic situation and improvement in security conditions had led to a renewed interest in Pakistan by foreign investors and the government will ensure that such investors are provided a safe and secure business environment to carry out their operations.