Pakistan’s latest announcement about Saudi Arabia’s investment in an oil refinery at the port city of Gwadar has set alarm bells ringing in the international arena. A Zerohedge article claims that Pakistan’s move comes from a “desperate” need for funding to ward off a financial crisis stoked by growing debt to China.
The column, written by James Dorsey on Mid East Soccer blog, claims that Saudi’s oil refinery in Gwadar Port could threaten Iran’s India-backed Chabahar Port, making China (and Pakistan) a part of an “all but open war” between Iran and Saudi Arabia.
The Saudis may invest up to $10 billion dollars in the region. The deal could additionally involve deferred payments on Saudi oil supplies which will firstly, create a strategic oil reserve close to Iran, and secondly, help cash-strapped Pakistan in payments. Read More
Latest posts by Firstpost.com (see all)
- ‘India’s reserves built at $17 per barrel, global average is $23’ - February 16, 2019
- Underworld: India builds caves to save oil for crisis - February 16, 2019
- 100% rural electrification no measure of power connectivity; ailing discoms, unreliable supply larger problem, says survey - February 14, 2019