Riyadh — Mubasher: Saudi Arabia is looking to build a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said.

The kingdom seeks to make “Pakistan’s economic development stable” by setting up an oil refinery and striking a partnership with Islamabad in the China Pakistan Economic Corridor, Reuters reported, citing Khalid al-Falih as saying.

Saudi Crown Prince Mohammad bin Salman would visit Pakistan in February to ink the agreement, al-Falih told reporters.

The minister added that Saudi Arabia, the Middle East’s biggest economy, plans to invest in other sectors in the South Asian nation.

“With setting up of an oil refinery in Gwadar, Saudi Arabia will become an important partner in [the China Pakistan Economic Corridor (CPEC)],” Pakistan Petroleum Minister Ghulam Sarwar Khan said.

The state-backed Saudi Press Agency earlier reported that al-Falih met Khan and Pakistan’s Maritime Affairs Minister Ali Zaidi in Gwadar to consider cooperation in refining, petrochemicals, mining and renewable energy.

Al-Falih would complete arrangements ahead of signing memorandums of understanding, it added.