Breaking News

Saudi Arabia Plans $1 Billion Investment in Reko Diq

Saudi Arabia Plans $1 Billion Investment in Reko Diq

The Kingdom of Saudi Arabia is poised to make a significant investment of up to $1 billion in the Reko Diq gold and copper mine, according to sources within the Finance Ministry.

As part of this investment deal, Saudi Arabia intends to acquire shares of key entities involved in the Reko Diq project, including Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited.

These companies collectively hold a 10 percent stake in the Reko Diq mine, and the proposed investment from Saudi Arabia would amount to $1 billion.

Also Read: Government Raises Petrol Price by Rs9 per Litre, Cuts Diesel Rates

To facilitate and oversee this investment, the Ministry of Finance will establish a committee chaired by Prime Minister Shehbaz Sharif. This committee is expected to include representatives from the Ministry of Finance, OGDCL, PPL, the Ministry of Energy, and other relevant stakeholders.

Once formed, the committee will review and analyze a detailed summary of the investment proposal, which will then be submitted to the Prime Minister for approval. Subsequently, committee members will engage in negotiations and discussions with Saudi counterparts, with the expectation of finalizing the investment terms.

Ultimately, it is anticipated that a formal agreement between Pakistan and Saudi Arabia will be signed, officially marking Riyadh’s entry as a major investor in the Reko Diq gold and copper mine project.