Business & Commerce

Saudi Shoura approves investment in Pakistan’s renewable energy sector

The Shoura of Kingdom of Saudi Arabia has approved the Memorandum of Understanding (MoU) signed between the Kingdom and Pakistan for developing renewable energy projects.

“Al-Shoura approves a draft MoU between the government of the KSA and the government of the Islamic Republic of Pakistan in the field of developing renewable energy projects,” tweeted the Shura Council Saudi Arabia.

The cooperation on renewable energy Pakistan and Saudi Arabia was initiated in February last year, during the visit of KSA’s Crown Prince Mohammed bin Salman to Pakistan. During the visit the two  countries signed short-, mid- and long-term investment agreements worth over $20 billion, including for energy and petroleum projects.

In the power sector, Saudis are helping Pakistan to install 500 megawatts renewable energy projects worth $4.5 billion in Baluchistan.

Short-term projects signed in February include two Regasified Liquefied Natural Gas plants for $4 billion, a $2 billion investment by Saudi power producing company ACWA Power in Pakistan’s renewable energy sector and a $1 billion Saudi Fund for Pakistan. Mid-term projects include $1 billion each for petrochemical and food and agricultural projects.

The long-term investments are $10 billion for the construction of the multi-billion-dollar Saudi Aramco oil refinery in Gwadar and $2 billion for the minerals sector, the report said.

Source – Business Recorder