The United Arab Emirates (UAE) will invest $ 5 billion in an oil refinery project in Pakistan by the end of the year, Arab news reported Friday.
In an interview with the publication, the UAE ambassador to Pakistan, Hamad Obaid Ibrahim Salem Al-Zaabi, said: "We are going to launch very soon one of the biggest investments in a refinery project in Hub. It will be a $ 5 investment billion between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Limited (Parco) and OMV [OMV Pakistan Exploration Gesellschaft]".
According to Arab newsAl-Zaabi said the project was the result of "extensive discussions" between Mubadala Petroleum, Pakistan's oil ministry, as well as Parco and OMV.
"This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment and the future of Pakistan," he said, adding that the two nations were moving forward with new projects and investments.
The UAE ambassador said the two governments were "finalizing the detailed details of this refinery project."
"Many meetings have been held on this project," he added, sharing that a UAE delegation, headed by the executive director of Mubadala Petroleum, had met with the president of the Investment Board (BoI) and the oil minister during a Visit to Pakistan. few months ago
"They have discussed this project in detail. We will launch it very soon," Al-Zaabi said.
Source: https://www.dawn.com/news/1508944/uae-to-invest-5bn-in-oil-refinery-project-in-pakistan-by-end-of-2019-report