Islamabad: Pakistan and Saudi Arabia have reached an agreement to increase investment in oil, gas, construction, and other sectors.
According to a reports, Federal Minister for Commerce and Industry Dr. Gohar Ejaz stated that both countries have agreed to enhance investment in oil, gas, construction, food, and agriculture sectors, while Saudi ministers have reaffirmed their commitment to strengthen trade relations with Pakistan.
According to a statement issued by the Ministry of Commerce and Industry, after completing his visit to Saudi Arabia, Federal Minister for Commerce and Industry Dr. Gohar Ejaz returned to Islamabad. A delegation of 20 Pakistani industrialists also accompanied him on the tour. According to officials, he held meetings with Saudi Arabian Minister of Investment Khalid al-Falih and Minister of Commerce Majid Al-Qasabi in Riyadh and held discussions with Saudi ministers at the delegation level.
Officials said that during the meetings, discussions were held on increasing investment between Pakistan and Saudi Arabia. Dr. Gohar EIjaz said regarding his visit to Saudi Arabia that it was very beneficial, and there is a need to increase bilateral trade and investment between the two countries. Saudi ministers have reaffirmed their commitment to strengthen trade relations with Pakistan.
The federal minister for commerce stated that both countries have agreed to increase investment in oil, gas, construction, food, and agriculture sectors, and it is hoped that the fruits of this visit will soon reach the people.
On the other hand, Saudi Arabia’s state-owned energy behemoth, Saudi Aramco, has announced a substantial discovery in the onshore Jafurah unconventional field, revealing a significant increase in natural gas and condensate reserves as part of the kingdom’s ongoing efforts to expand gas production.
According to a statement reported by the official Saudi Press Agency on February 25, Saudi Aramco has uncovered an additional 15 trillion cubic feet (Tcf) of natural gas and 2 billion barrels of condensate in the Jafurah field. This discovery elevates the field’s proven reserves to a total of 229 Tcf of gas and 75 billion barrels of condensate, as disclosed by Energy Minister Prince Abdulaziz bin Salman.
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