Saudi Arabia Shows Interest to Invest in Power Sector

Islamabad: A delegation of Saudi oil company, Aramco’s headed by its Vice Chairman Mr. Abdul Aziz M. Al-Judaimi, called on the Finance Minister, Senator Mohammad Ishaq Dar here on Friday. On the occasion Finance Minister Ishaq Dar welcomed the delegation of Aramco International and hoped that the visit will lead to further strengthening of economic relations between the two countries.

Ishaq Dar referred to the special interest of the Saudi leadership in the development of Pakistan and recalled his visit to Saudi Arabia during which many Saudi companies had indicated their interest in the investment opportunities in Pakistan. He said that Pakistan offers a very attractive incentive package for foreign investors and Saudi investors must make use of it for mutual benefit of the two sides.

Replying to the offerse made by Pakistani Finance Minister Aramco’s deputy head Mr. Abdul Aziz M. Al-Judaimi stated that the visit was being undertaken under the direction of Prince Muhammad Bin Salman Al Saud, the Deputy Crown Prince of Saudi Arabia. He said that the purpose of the visit is to explore investment opportunities in the energy and petrochemical sectors. “Pakistan is not only a large market, it also provides access to other markets in the region, therefore, Aramco would be looking at making investment in refineries and power stations”, he said. Mr. Abdulaziz Al-Judaimi informed that a technical team would visit Pakistan soon to seek further details about various potential projects.

The Minister said that the government would be willing to provide facilitation to the technical teams of Aramco. He stated that the stabilization of macroeconomic situation and improvement in security conditions had led to a renewed interest in Pakistan by foreign investors and the government will ensure that such investors are provided a safe and secure business environment to carry out their operations. The Minister on this occasion also conveyed his warm regards and good wishes for the Saudi leadership.

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