Pakistan, Saudi Arabia forge strategic partnership in energy sector

January 11, 2024 (MLN): In a bid to strengthen their longstanding bilateral ties, the Minister of Energy for Saudi Arabia, Prince Abdulaziz bin Salman bin Abdulaziz, and the Minister of Energy of Pakistan, Mohammed Ali on Thursday discussed strategies to elevate cooperation in various facets of the energy sector, specifically focusing on petroleum and its supplies, according to Saudi Press Agency.

The meeting was convened in Riyadh wherein the comprehensive talks encompassed a wide array of crucial subjects, notably renewable energy, energy efficiency, investment opportunities, and the exchange of experiences in the development of projects, policies, and regulations.

Earlier, Saudi Arabia also expressed its interest in buying a stake in the government’s stake in a $7 billion copper project jointly owned with Barrick Gold Corp., as Bloomberg reported.

Saudi Arabia may acquire partial ownership in Reko Diq — one of the world’s largest undeveloped copper and gold deposits — through an equity purchase with Pakistan’s government, Barrick Chief Executive Officer Mark Bristow said in an interview.

“That’s something that is in the hands of the Pakistan government to decide on,” said Bristow, who oversees the world’s No. 2 gold producer. “We would support any decision that’s made by the Pakistan government with the Saudis.”

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