Karachi: Saudi Arabia is ready to invest in the refinery sector of Pakistan. Federal Minister for Petroleum Mr. Musadiq Malik while giving a briefing to the delegation of Council of Economics and Energy Journalists (CEEJ) said that for the first time Saudi Arabia has agreed to invest in an integrated refinery with a buyback guarantee. President Raja Kamran, Secretary Kashif Munir, Vice President Anjum Wahab, Treasurer Ashraf Khan, Secretary Information Masood Ahmad Siddiqui and other members of CEEJ were present. Musadiq Malik said that there will be a tripartite investment in a refinery with Saudi Arabia, Chinese and Pakistani investment, the refinery will be set up with a “buy back” option to sell surplus products in the global market. Musadiq Malik said that the Saudi group has the expertise to trade oil and chemicals in the global market, so this option has been considered. The federal minister said that the new integrated refinery involves an investment of more than $10 billion, the Chinese company will be the engineering, procurement and construction contractor and the operation and maintenance. Musadiq Malik also said that the integrated refinery produces chemical and diesel products. He also said that Pakistan is a small market, so the demand for chemicals in the country is not that high. Therefore, the surplus will be exported from the integrated refinery to save foreign exchange as well as earn.