Pakistan imports large quantities of oil, gas and refined products from Saudi Arabia: Minister

Pakistani Minister of State for Petroleum Musadik Malik..

Saudi Arabia and Pakistan’s bilateral relationship are fraternal and long-standing, said Pakistan’s Minister of State for Petroleum Musadik Malik.

He stated that Pakistan imports large quantities of oil and gas from Saudi Arabia, in addition to most of the refined products.

Pakistan has a huge import bill, Malik said in a statement to Argaam on the sidelines of the second roundtable meeting of ministers concerned with mining affairs, noting geopolitical issues have led to a significant increase in the premium of refined products, such as automotive gasoline and diesel that have surged from $2 in previous years to $18 and $20.

He asserted that conflict between two countries is not the fault of some other countries, adding a world-class refinery in Pakistan will help lower the prices of refined products.

Pakistan seeks to move on to the refining process in the mining sector, Malik said, stressing the significance of value chains in his speech at the ministerial conference in Riyadh.

The minister also pointed out that the South Asian country strives to attract investments in the mining sector, as it aims to develop its mineral resources, given the country is vast and will help genera job opportunities for part of the medium and low-skilled population.

Malik called on companies to work in Pakistan to obtain sufficient incentives to establish value-added activities that contribute to advancing the country to the refining stages of mining and creating more jobs.

Meanwhile, the Pakistani minister said that the “Future Minerals Conference” is one of the best mining events, as numerous participating countries discuss their difficulties and try to find solutions.