Cabinet approves sale of 15% of Reko Diq shares to Saudi Arabia

 December 31, 2024

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Progress has been made in selling 15% of Reko Diq shares to Saudi Arabia.

Also read :Cabinet approves sale of 15% of Reko Diq shares to Saudi Arabia

According to sources, the federal cabinet has approved the sale of 15% shares for $540 million, and the shares will be sold directly to Saudi Arabia under the Intergovernmental Transactions Act.

Sources said that Saudi Arabia will pay Pakistan $540 million in two installments. In the first phase, $330 million will be paid for transferring 10 percent of the shares, and in the second phase, $210 million will be paid for transferring 5 percent of the shares.

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Sources say that the Saudi Fund for Development will also provide $150 million for the development of minerals in Balochistan.

According to sources, Saudi Arabia has also expressed its willingness to invest in mineral exploration in Chagai. The federal and Balochistan governments own 50% shares in the Reko Diq project