Oil refinery project in Pakistan: UAE to invest $5bn


ISLAMABAD: As a result of the extensive discussions that took place between Mubadala Petroleum, Pakistan’s Petroleum Ministry, Pak-Arab Refinery Limited (PARCO) and OMV, UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi announced that they are going to launch one of the biggest investments of worth $5 billion in a refinery project in Hub very soon.

With the two governments still finalising the minute details of this refinery project, the investment is a step towards strengthening Pakistan-UEA relations, he further said.

Prior to this announcement, many meetings had taken place regarding this project. Headed by the chief executive officer of Mubadala Petroleum, a UAE delegation had met with the Board of Investment (BoI) Chairman and the Petroleum Minister during a visit to Pakistan a few months ago.

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