In in effort to make the costly China-Pakistan Economic Corridor profitable, Islamabad is encouraging nearby countries like Iran and Saudi Arabia to participate in the initiative alongside China, Nikkei reports.
Pakistan has diverted around $171.6 million meant for joint infrastructure development projects under the China-Pakistan Economic Corridor, a flagship effort under China's Belt and Road Initiative (BRI), into other construction plans. This signals that Islamabad may be distancing itself from Beijing and the BRI, reports the Nikkei Asian Review.
Saudi Arabia's Crown Prince, Mohammed bin Salman, promised to invest up to $100 billion in India's economy in the coming years, including in areas such as infrastructure, energy, and refining. The Crown Prince's visit to New Delhi follows a stop in neighboring Pakistan, where he signed $20 billion worth of investments in the country's flagging economy. The Crown Prince's next stop? Beijing.
Saudi Arabia plans to build Pakistan's largest oil refinery near Gwadar port, the flagship project of the China-Pakistan Economic Corridor (CPEC). The oil refinery, part of Saudi Arabia's new commitment to invest $15 billion in Pakistan over the next three years, could fuel competition with Beijing for economic leverage given China's significant investment there under CPEC, reports the Nikkei Asian Review.
Saudi Arabia plans to set up a $10 billion oil refinery at Pakistan's Chinese-funded Gwadar port, according to a statement given by the Saudi energy minister. Pakistan's petroleum minister, Ghulam Sarwar Khan, has said that the project will make Saudi Arabia an important partner in the China-Pakistan Economic Corridor.