Imarat

Work on $14.5bn Saudi Power Projects under way

ISLAMABAD: Federal Minister for Power and Petroleum Omar Ayub Khan said that work has started on $14.5 billion worth of Saudi Arabia’s energy and petroleum projects in Pakistan.

The projects are contributions to Pakistan’s effort to boost the production and use of oil and renewable power to meet energy demands.

In an interview, the minister told that the Saudis are helping us in the installation of 500 megawatts renewable energy projects worth $4.5 billion in Balochistan and a $10 billion mega oil refinery in Gwadar. These projects are a part of the $20 billion investment announced during the visit of Saudi Crown Prince Muhammad bin Salman.

$4.5 billion have been invested to explore renewable energy potential in the country. The minister told that Saudi company Aqua power, Pakistani National Transmission & Despatch Company (NTDC) and other leading companies are conducting studies to look into hybrid and solar power. Only about 5-6% of Pakistan’s national electrical grid currently comes from renewable energy according to the Alternate Energy Development Board (AEDB).

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