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UAE Plans on Investing $5 Billion in #Pakistan’s #Oil Sector

The United Arab Emirates (UAE) aims to invest $5 billion in an oil refinery in Pakistan by the end of this year, said Hamad Obaid Ibrahim Salem Al-Zaabi, UAE’s ambassador to Pakistan while talking to the media.

He stated:
We are going to launch very soon one of the biggest investments in a refinery project in Hub. 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].

One of the UAE’s substantial investments in Pakistan is the PARCO Coastal Refinery, incorporated in May 1974 as a public limited company in Pakistan. At present, it plays a pivotal role in Pakistan’s strategic oil supply and logistics. While Mubadala Petroleum is a global oil and gas organization based in the UAE. The idea is to establish a deep-conversion, modern refinery that would produce 250,000-300,000 barrels per day

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