Chief Executive Officer (CEO) of Mubadla Petroleum Musabbeh Al Kaabi called on Federal Minister of Petroleum and Natural Resources Ghulam Sarwar Khan at the Ministry of Petroleum and conveyed his company’s interest in LNG business and exploration in onshore and offshore blocks as well as in establishing a propylene plant in Pakistan.
Al Kaabi shared recent updates and progress on the establishment of PARCO Coastal Refinery with the minister. The PARCO Coastal refinery would be one of the UAE’s major investments in the country. PARCO has planned to set up a deep conversion state-of-the-art refinery in Pakistan which will be able to refine 250,000 bpd and would be instrumental in making savings to the national exchequer.
The UAE delegates emphasised UAE’s longstanding strategic relations with Pakistan. Ghulam Sarwar Khan said that Pakistan under the leadership of Prime Minister Imran Khan is committed to facilitating foreign investors and efforts are already under way to make incremental improvement in the ease of doing business in the country. Khan added that Pakistan downstream oil refining and marketing sector offers lucrative investment opportunities. Based on industry demand forecasts, Pakistan needs new oil marketing and storage network..
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