Saudi Arabia Likely to Invest $1 Billion in Reko Diq

The Kingdom of Saudi Arabia will likely invest up to $1 billion in the Reko Diq gold and copper mine, high-level sources told ProPakistani. Finance Ministry sources said that as part of the deal, Saudi Arabia will buy shares of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited in the Reko Diq mine. Sources said these companies own 10 percent of the project and this is where Saudis will invest $1 billion. The Ministry of Finance will set up a committee chaired by Prime Minister Shehbaz Sharif to oversee the Saudi investment in Reko Diq. Sources said the committee will likely comprise officials from the Ministry of Finance, OGDCL, PPL, the Ministry of Energy, and others. A detailed summary of the investment proposition will be forwarded to the Prime Minister who will then constitute the committee. Consequently, committee members will travel to Saudi Arabia for final negotiations and discussions. Ultimately, a formal agreement between Pakistan and Saudi Arabia is expected to be signed to announce Riadh’s entry as a major investor in the Reqo Diq gold and copper mine.