05 October 2018 Current Affairs:
Saudi Arabia announced that it is to invest in a new oil refinery in Pakistan’s growing deep-sea port of Gwadar, Islamabad. The agreement is after the visit of Pakistan’s new Prime Minister Imran Khan to the Gulf kingdom as he seeks to attract foreign investment.
Saudi has shown its interest immediately to invest in the refinery. The agreement is to be signed between Pakistan State Sil and Riyadh’s State oil giant Saudi Aramco.
As part of China-Pakistan Economic Corridor (CPEC), Gwadar’s port is being developed. Gwadar is part of Pakistan’s mineral-rich southwestern Balochistan province.