Saudi Arabia’s $800 million investment deal in Recodek is likely to be finalized this week.
Sources say that 650 million dollars of investment, and 150 million dollars of grant will be spent for development in Chagai, the settlement of the agreement will be helpful for the approval of the IMF Executive Board, after the Saudi investment and loan rollover, China too. The loan will roll over.
Sources said that the officials of the Ministry of Energy will give a briefing to the Prime Minister today for the investment in Recodek. After the briefing, the Prime Minister will appear in the upcoming federal cabinet meeting for final approval.
SIFC has played a role in bringing investment from Saudi Arabia, SIFC has removed the barriers to investment from Saudi Arabia.
According to the sources, Pakistan had estimated $900 million for the Saudi investment in Recodek. Saudi Arabia will also invest in Rekodic’s exploration leases Block 6 and Block 8, the total investment from Saudi Arabia in Rekodic is estimated at $10 billion.
Sources say that Pakistan also wants to recover the oil facility from Saudi Arabia on deferred payments. The resumption of the borrowed oil facility will bring $2 billion to Pakistan from Saudi Arabia, which will cover the external financing gap.
It should be noted that the oil facility between Saudi Arabia and Pakistan on delayed payments continued till December 2023.
