According to high-level sources, the Kingdom of Saudi Arabia intends to invest up to $1 billion in the Reko Diq gold and copper mine.
A/C to Finance Ministry sources, Saudi Arabia will acquire interests in the Reko Diq mine from Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited.
According to sources, these corporations control 10% of the project, and the Saudis will invest $1 billion.
The Ministry of Finance will form a committee chaired by Prime Minister Shehbaz Sharif to supervise Saudi investment in Reko Diq.
According to sources, the group would likely include officials from the Ministry of Finance, OGDCL, PPL, the Ministry of Energy, and others.
A full overview of the investment proposition will be sent to the Prime Minister, who will subsequently form the committee. As a result, committee members will fly to Saudi Arabia to finalise negotiations and discussions.
Finally, a formal agreement between Pakistan and Saudi Arabia is anticipated to be inked, announcing Riyadh’s participation as a significant investor in the Reqo Diq gold and copper mine.
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