Pakistan to sell its shares in Reko-Diq to Saudi Arabia

ISLAMABAD: After refusal of Barrick Gold Corporation to sell out its stakes in the multibillion-dollar Reko Diq project, Pakistan and Saudi Arabia have agreed in principle to strike a deal whereby Islamabad is ready to sell its 15 per cent shares to Saudi investor, The News has learnt.

With this development, Pakistan’s overall shares in the Reko-Diq project are expected to be reduced from the existing 50pc to 35pc. Out of 35pc, the Balochistan government’s share would remain at the existing level of 25pc, while the federal government’s State-Owned Enterprises (SOEs) stakes would be reduced from 25pc to 10pc.

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“With this development, Pakistan will become a minority shareholder in this project,” said the official sources.

“Saudi Arabia will be involved in the Reko Diq project and they intend to increase their stakes in more blocks of the Reko Diq in future,” official sources told The News on Thursday.

Two top functionaries confirmed to the newspaper that the much-awaited development had achieved a breakthrough and a formal announcement was expected anytime within the next few weeks.