ISLAMABAD -- A $10 billion Saudi-backed oil refinery project planned in Pakistan's port city of Gwadar aims to capitalize on the troubled economy's potential, and, sources say, lay a foundation for taking in more Russian crude.
Four Pakistani state-owned energy companies late last week signed a memorandum of understanding (MOU) with Saudi Aramco, which will inject the initial 30% equity into the project. Once built, the refinery will be able to process 300,000 barrels per day, according to details released by the government.
