Saudi Arabia plans to construct an oil refinery in Pakistan to help overcome the current Pakistani account deficit caused partly by high oil prices, Zawya Reuters reported.

The refinery is set to be established in Pakistan’s deepwater port of Gwadar.

Khalid Al-Falih, Saudi Energy Minister, met earlier Pakistan’s Petroleum Minister,, Ghulam Sarwar Khan, and Maritime Affairs Minister, Ali Zaidi, in Gwadar to discuss cooperation in refining, petrochemicals, mining and renewable energy. H.E Crown Prince Mohammad bin Salman, Saudi Crown Prince, plans to visit Pakistan in February 2019 to sign the agreement.

“Saudi Arabia wants to make Pakistan’s economic development stable through establishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor,” Al-Falih said.

“With setting up of an oil refinery in Gwadar, Saudi Arabia will become an important partner in CPEC,” Sarwar Khan noted.

In 2018, Saudi Arabia offered $6 billion package to help Pakistan, including financing crude imports.