ISLAMABAD – Federal Minister for Petroleum, Dr. Musadik Malik, has denied reports of a finalized deal between Pakistan and Saudi Arabia regarding the Reko Diq project. In a recent media interaction, Malik emphasized that no official agreement has been reached yet.
No Cabinet Approval for Reko Diq Deal
Dr. Musadik Malik clarified that the federal cabinet has not approved any deal involving Saudi Arabia and the Reko Diq mine. He reiterated that current discussions are part of ongoing negotiations, but nothing has been finalized at this stage.
| Point | Details |
|---|---|
| Cabinet Approval | No approval yet for any deal with Saudi Arabia |
| Status of Deal | Ongoing discussions |
| Shareholding Discussion | Not finalized yet |
| Date for Finalization | Expected next year (2025) |
Ongoing Talks: Saudi Arabia’s Investment in Reko Diq
While there has been no confirmation of a deal, Malik assured the public that talks between Pakistan and Saudi Arabia regarding investments in the Reko Diq project are progressing positively. The discussions are focused on potential investments but have not yet covered the specific shareholding percentages.
| Investor | Country | Project | Investment Status |
|---|---|---|---|
| Saudi Arabia | Saudi Arabia | Reko Diq | Positive discussions ongoing |
| Pakistan | Pakistan | Reko Diq | Negotiations in progress |
Future Deal Expected to be Finalized in 2025
The minister further revealed that the finalization of the deal, including the percentage of shares to be allocated to Saudi Arabia, is expected to take place next year. While talks are moving forward, the specific terms, including the shares for sale, remain under discussion.
| Deal Finalization | Timeline |
|---|---|
| Share Percentage Negotiation | To be finalized in 2025 |
| Expected Deal Closure | 2025 |
Previous Reports on Reko Diq Deal
Contrary to the government’s statements, reports surfaced yesterday claiming that the federal cabinet had approved the sale of a 15% stake in Reko for $540 million. However, these reports were dismissed by the minister as inaccurate.
| Report | Details |
|---|---|
| Claimed Sale | 15% share sale of Reko Diq for $540 million |
| Government Response | Report dismissed as inaccurate |
