The United Arab Emirates (UAE) will invest $5 billion in an oil refinery project in Pakistan. By the end of 2019, UAE plans to set up an oil refinery in the country.
Hamad Obaid Ibrahim Salem Al-Zaabi in an interview said, “We are going to launch very soon 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].”
The initial plan is to establish a deep-conversion, state-of-the-art refinery that has an output of 250,000-300,000 barrels per day.
The project is a result of “extensive discussions” between Mubadala Petroleum and petroleum ministry, as per Al-Zaabi.
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.”
Adding, “Many meetings have taken place regarding this project.”
Furthermore, he said that a UAE delegation, headed by Musabbeh Al Kaabi, the chief executive officer of Mubadala Petroleum paid a visit to Pakistan a couple of months ago and had a meeting with Haroof Sharif the Board of Investment (BoI) Chairman and Ghulam Sarwar Khan, the Petroleum Minister.
Adding, “They have discussed this project in detail. We are going to launch it very soon.”