Pakistan seeks to build oil refinery near Gwadar port: Minister
[ad_1] ISLAMABAD/KARACHI: Pakistan wants to build an oil refinery near the deep-water port of Gwadar to reduce petroleum product imports, a planning official said on Tuesday as the government hosted a Saudi delegation reported to be considering funding the project. Pakistan is also, during the Saudi visit, expected to seek financial assistance from its oil-rich ally to avoid another bailout by the International Monetary Fund amid a foreign currency crisis fuelled by a widening current accounts deficit. The government of new Prime Minister Imran Khan wants to turn the Chinese-funded Gwadar port into "an oil city" to reduce dependence on imported refined fuel, Khusro Bakhtyar, minister for planning, development and reforms, told reporters. The Saudis were reported by Pakistani newspapers Dawn and The News to be considering investing in what local media say would be a multi-billion-dollar refinery project. Bakhtyar mentioned neither the projected cost nor any confirmed Saudi i...