ISLAMABAD: Saudi Arabia will invest $10 billion in Gwadar, Pakistan, said Petroleum Minister Ghulam Sarwar Khan here on Monday.

During his talks with the media, the minister states, “Saudi Arabia will invest $10 billion in Oil Refinery and Petro-Chemical Complex in Gwadar.”

“Saudi Arabia will set up an oil plant that will refine over 2-3 tonnes lac oil per day,” , he added further that the construction of the oil refinery shall be initiated in the beginning of the current year and shall be completed within the tenure of PTI.

Saudi Arabia, apart from oil refinery, seeks to develop a phosphate fertilizer making factory and alternate energy projects, says petroleum minister. Besides, Saudi Oil Minister himself, expressed his desire in exporting LNG to Pakistan. This will further augment the business opportunities in Pakistan.