Pakistan, UAE will jointly launch oil refinery project by 2019

ISLAMABAD: Pakistan and the United Arab Emirates (UAE) would jointly launch a $5 billion oil refinery project by the end of this year.

Talking to the newspaper of Arab, UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi said that they were going to launch one of the biggest investments in a refinery project in Hub very soon.

The envoy was quoted as saying, “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).”

According to Arab News, Al-Zaabi said that the project was a result of extensive discussions between Mubadala Petroleum, Pakistan’s petroleum ministry as well as Parco and OMV.

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According to Al-Zaabi said, this project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and the future of Pakistan.

 The UAE ambassador said that the two governments were finalising the minute details of this refinery project.

The discussion of the refinery project is ongoing on the minute details, the enjoy said that a delegation headed by Mubadala Petroleum chief, Musabbeh Al Kaabi, visited Pakistan and met with the chairman of the board of investment chairman and petroleum minister.

The project was finalised during Crown Prince Sheikh Mohamed bin Zayed Al Nahyan’s Pakistan visit earlier in February 2019.