Business & Commerce

UAE to invest $5bn in oil refinery project in Pakistan this year

The United Arab Emirates (UAE) announced on Friday its decision to invest $5 billion in an oil refinery project in Pakistan by the end of 2019.

In an interview to Arab News, UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi said that soon they are going to launch one of the biggest investments in a refinery project in Hub, Balochistan. “It is going to be a $5 billion investment between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Limited (PARCO) and OMV (OMV Pakistan Exploration Gesellschaft),”Al-Zaabi said.

Al Zaabi further said that this project was the result of extensive discussions between Mubadala Petroleum and Pakistan’s petroleum ministry along with PARCO and OMV. He said that many meetings have taken place regarding this project, adding that the two governments were finalizing the minute details of this refinery project.

“This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan,” the UAE ambassador said.

Source – Business Recorder