Saudi Arabia is reportedly poised to inject around $1 billion into the Reko Diq project, according to sources disclosed by Minute Mirror. The investment plan, part of a larger agreement, includes Saudi Arabia acquiring shares of Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).
This initiative, currently in progress in Saudi Arabia, is expected to materialize in the coming month.
The agreement for the Reko Diq project was recently finalized in London under the auspices of the Government of Balochistan. Prime Minister Shehbaz Sharif is slated to form a supervisory committee to oversee Saudi Arabia’s investment in Reko Diq. This committee will comprise representatives from the Ministry of Finance, OGDCL, PPL, and the Ministry of Energy to ensure effective coordination and oversight.Once formed, the committee will present a detailed investment proposal to Prime Minister Shahbaz Sharif for approval.
Following this, committee members will travel to Saudi Arabia for conclusive negotiations, leading to the formalization of a government-to-government agreement between Pakistan and Saudi Arabia regarding the investment in Reko Diq.