Saudi Arabia is set to inject an estimated $1 billion into the Reko Diq project, according to sources within the Finance Ministry.
The Finance Ministry sources revealed plans to sell shares of Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) to Saudi Arabia as part of the investment deal.
Preparations for the investment are reportedly underway in Saudi Arabia, with the investment expected to materialize in the coming month.
In a historic development, the agreement for the Reko Diq project was inked in London under the auspices of the Government of Balochistan.
Prime Minister Shehbaz Sharif is slated to establish a committee to oversee Saudi Arabia’s investment in Reko Diq, as per sources within the Finance Ministry.
The committee is set to comprise officials from the Ministry of Finance, OGDCL, PPL, and the Ministry of Energy, aimed at ensuring effective coordination and oversight.
Following the committee’s formation, a comprehensive summary detailing the investment proposal will be forwarded to Prime Minister Shahbaz Sharif for approval, the Finance Ministry sources added.
Subsequently, committee members are expected to embark on a trip to Saudi Arabia for final negotiations, culminating in the signing of a government-to-government agreement between Pakistan and Saudi Arabia to formalize the investment in Reko Diq.
