No formal agreement yet between Pakistan and Saudi Arabia on Reko Diq: Malik

Pakistan's Petroleum Minister, Musadik Malik, said on Tuesday that the federal cabinet hasn't approved any agreements with Saudi Arabia for the Reko Diq mining project yet, but talks are ongoing.

He denied rumors that Saudi Arabia is buying shares in the project.

Malik clarified that no details have been finalized and no formal agreements have been made by the federal cabinet so far.

Earlier, it was reported that Pakistan's federal cabinet had approved selling a 15% stake in the Reko Diq mining project to Saudi Arabia for $540 million.

The shares would be transferred in two phases: $330 million for 10% shares in the first phase and $210 million for 5% shares in the second phase.

The Reko Diq project is one of the world's largest undeveloped copper and gold deposits, offering significant economic opportunities for Pakistan.

Malik also mentioned that the government is working on adjusting gas prices according to commitments made to the International Monetary Fund (IMF).