Deal with Riyadh on Reko Diq not yet finalised: Musadik

ISLAMABAD: Petroleum Minister Musadik Malik Tuesday said matters with Saudi Arabia were moving forward positively on the divestment of Reko Diq mine shares, and a deal to this effect would be finalised soon.

He clarified that the news item claiming the federal cabinet has accorded approval to the sale of a 15 percent stake in the Reko Diq is not true.

“A price negotiation committee is handling the matter and in the first phase, it has done the legal, financial and commercial evaluation of shares from all possible aspects. Now we have entered the Non-Disclosure Phase, but the structure of the deal is yet to be finalised; however, under NDA, there would be a silent phase to be adhered to by both sides,” he said.

The minister said the cabinet committee on inter-government commercial transactions on Reko Diq had neither taken up the issue of sale of 15pc shares of Reko Diq to the KSA nor had the federal government ratified it.