Saudi Arabia renews focus on Pakistan’s oil, mining

KARACHI: Saudi Arabia has shown renewed interest in undertaking investments across multiple sectors, particularly oil, gas and mining, according to an official document available with The News.

Against the backdrop of recent developments between Pakistan and Saudi Arabia, especially the signing of a strategic defence pact, Riyadh has conveyed its fresh interest in investing in various sectors, stated a directive of the Special Investment Facilitation Council (SIFC) to ministries and government departments.

The SIFC has sought project details from ministries and departments to be shortlisted for Saudi investment in Pakistan. According to official sources in the energy sector, Saudi interest spans all sectors, though the key focus areas are oil, gas and mining, which are likely to attract the most investment. The projects under consideration range from establishing new refineries and upgrading existing ones to oil and gas pipelines and mining ventures across the country.

Sources said Pakistan has been trying for years to secure Saudi investment, but these efforts have not borne fruit. They expressed optimism, however, that the goal may now be realised as bilateral relations enter a new phase of cooperation following the strategic defence agreement.

Under the SIFC directive, ministries and departments have been instructed to submit project details along with technical and bankable feasibility studies to ensure a smooth flow of Saudi investment. They have also been directed to provide clear project development timelines and specify investment modes to enable work to move forward efficiently.