Saudi Arabia Set to Invest $1 Billion in Reko Diq Mine

The Kingdom of Saudi Arabia is poised to invest approximately $1 billion in the Reko Diq gold and copper mine, high-level sources told Karobar TV.

According to insiders from the Finance Ministry, Saudi Arabia intends to acquire shares of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited as part of the agreement concerning the Reko Diq mine. These companies collectively possess a 10 percent stake in the project, where the Saudi investment is slated to be directed.

To oversee this investment, the Ministry of Finance will establish a committee chaired by Prime Minister Shehbaz Sharif. This committee is expected to include representatives from the Ministry of Finance, OGDCL, PPL, the Ministry of Energy, and other pertinent entities.

A comprehensive summary of the investment proposal will be presented to the Prime Minister for approval, following which the committee will be formed. Subsequently, committee members will engage in negotiations and discussions with Saudi counterparts, potentially leading to a formal agreement between Pakistan and Saudi Arabia, heralding Riyadh's substantial investment in the Reko Diq gold and copper mine.