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Potential Agreement Between Pakistan and Saudi Arabia on Reko Diq Project Expected This Week

Explore the latest developments in Pakistan-Saudi Arabia investments at the Future Minerals Forum. Discover discussions on the Reko Diq mine, potential agreements, and the expansion of Saudi investment in Pakistan. Stay informed on strategic partnerships and revised agreements in the mineral sector.

Potential Agreement Between Pakistan and Saudi Arabia on Reko Diq Project Expected This Week

Pakistan and Saudi Arabia plan to discuss investing in the Reko Diq mine during a three-day event called the Future Minerals Forum (FMF) in Riyadh, as per a report from a national newspaper.

A team from Pakistan, led by interim Energy Minister Muhammad Ali, is participating in the forum, which aims to promote mineral value chains in Africa, Western Asia, and Central Asia. The Forum is taking place from January 9 to January 11, 2024.

During the visit, Saudi Arabian and Pakistani authorities will talk about potential investments in the Reko Diq project and might agree. The officials will also explore the possibility of establishing a deep conversion refinery in Pakistan. The SIFC is interested in selling government shares to Saudi investors to expand Saudi investment in Pakistan, considering them as a strategic investment.

Privatization Commission Reviews PIA Segregation Plan Today

In a revised agreement, Barrick Gold Corporation now owns 50 percent of the shares, while Antofagasta of Chile has withdrawn from the project in exchange for $900 million deposited by Oil & Gas Development Company Limited, Pakistan Petroleum Limited, and Government Holdings Private Limited. These entities control 25 percent of the project, and Balochistan owns the same number of shares. Fifteen percent of shares are fully supported, while 10 percent are free-carried.

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