Saudi Arabia is likely to invest up to $1 billion in the Reko Diq Copper-Gold Project located in the Chaghi district of Pakistan’s Balochistan province. According to finance ministry sources, the shares of Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) will be sold to the Kingdom. Saudi Arabia is expected to invest in the project next month. The sources said Prime Minister Shehbaz Sharif would form a finance ministry committee for the Kingdom’s investment in the project. The committee will include OGDCL, PPL and energy ministry officials. The sources continued that the finance and energy ministries would send a summary to the premier for the formation of the committee. After the formation of the committee, its members will leave for Saudi Arabia for the final discussion on its investment. Later, Pakistan and Saudi Arabia will sign an agreement for the latter’s investment in the Reko Diq Project. Previous governments have also been claiming that this mining project is a game-changer and that Balochistan can receive 33% financial benefits from it.
