Such huge financial interest shows how attractive Pakistan has become for foreign investment now.
Kuwait, Saudi firms vie for $2bn Pakistan refinery project
Kuwaiti and Saudi firms will participate in a bidding to build a $2bn oil refinery in Pakistan’s southwestern troubled province of Baluchistan, said an official yesterday. “Kuwait as well as Saudi and Russian firms are among the international interested bidders,” an official at the petroleum ministry told KUNA. The Economic Coordination Committee of the Cabinet (ECC) on Saturday in a meeting, chaired by Premier Shaukat Aziz, allowed the setting up of a $2bn mega oil refinery at Khalifa Point in the district hub of Baluchistan. The ECC in a statement said that the refinery to be commissioned by 2010 would have a maximum refining capacity of 13 million tons of petroleum products, which would be higher than the country’s total existing capacity of 12.8 million tons. Pakistan’s major suppliers, notwithstanding the petroleum sector deregulation, are Saudi Arabia, the UAE and Kuwait and total oil imports amount to around $3bn.
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