Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

CPI Preview: Inflation to fall below 14% YoY in May

Reko Diq project to receive $1bn investment from Saudi Arabia in May

Shehbaz Sharif urges acceleration of 1st phase of Saudi investments in Pakistan
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April 14, 2024 (MLN): A Saudi investment of up to $1 billion is likely next month in the Reko Diq Copper Gold project located in the Chagai district in Balochistan, as per the latest update from the Information Ministry.

Considering the potential investment, the Special Investment Facilitation Council is working to remove all obstacles.

Additionally, the Prime Minister, Shehbaz Sharif is planning to constitute a committee of the Finance Ministry, comprising all stakeholders of the country, in order to ensure the smooth completion of Saudi investments.

To recall, in November 2023, Barrick Chief Executive Officer Mark Bristow said in an interview that Saudi Arabia may acquire partial ownership in Reko Diq through an equity purchase with Pakistan’s government,

“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,” he added.

Following this investment, Pakistan and Saudi Arabia will sign agreements for further investment in the mining sector.

One significant aspect involves Saudi Arabia likely acquiring shares in Pakistan's leading energy giants, such as the Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).

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Posted on: 2024-04-14T16:10:37+05:00