Islamabad, November 6: Saudi Ambassador to Pakistan said on Tuesday that the Gulf Kingdom's energy minister will soon visit Islamabad to sign an agreement for setting up an oil refinery in the country. Ambassador Nawaf Bin Said Al-Malkiy revealed this during a courtesy call on President Dr. Arif Alvi, the President House said in a statement.

"Saudi Minister for Energy will soon visit Pakistan to sign MoU on establishing an oil refinery in Pakistan, apart from finalising other major projects in which Saudi Arabia has shown interest," Malkiy informed the president. The president hailed the Saudi move and underlined that the close, cordial and brotherly relations between Saudi Arabia and Pakistan were important. He also highlighted different areas of economy where Saudi investors can invest, and stressed that "there is a need for exchange of more business delegations between the two countries". Saudi Arabia's Oil Refinery in Pakistan Threatens Iran, China.

Alvi said that the Saudi envoy could play a critical role in increasing the bilateral trade. The Saudi ambassador also briefed the president on two recent visits of Prime Minister Imran Khan to Saudi Arabia and said that they have been very successful, resulting in enhanced and multi-faceted bilateral economic cooperation.

Saudi Arabia last month announced to provide cash-strapped Pakistan USD 3 billion in balance of payment support and additionally give oil worth USD 3 billion on deferred payment after Prime Minister Khan met Saudi King Salman in Riyadh.