Minister for Petroleum Ghulam Sarwar Khan said that Pakistan wants to facilitate foreign investors and companies in Pakistan in order improve in the ease of doing business in Pakistan. In a meeting with Mubadla Petroleum CEO Musabbeh Al Kaabi, he made these remarks.
The UAE firm CEO confirmed that his company is willing to invest in Pakistan further and expand the present facilities and infrastructure in the country.
Recent updates and progress on the development of Parco coastal refinery were shared by Al Kaabi with the minister. The oil refinery would be one of the major investment by UAE in Pakistan.
The minister was informed about the execution timelines of the refinery and both the sides were satisfied over the progress that was being made on the project.
The plan of Parco is to develop the deep-conversion state-of-the-art refinery that will boost Pakistan’s economy and would be able to refine 250,000 barrels of oil daily.
Furthermore, the UAE company was interested in liquefied natural gas (LNG) business and hydrocarbon exploration in both onshore and offshore blocks. It is willing to develop the first propylene plant in Pakistan
The minister said, “Based on forecasts of industry demand, Pakistan needs a new oil marketing and storage network.”
The effort by UAE to invest in different sectors of Pakistan was praised by the minister. He said that both countries share mutual goodwill and cooperation to further enhance the bilateral ties.