UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi has been quoted saying that United Arab Emirates (UAE) will invest $5 billion in an oil refinery project in Pakistan by the end of 2019. An investment of this volume is unprecedented and one of the biggest investments in a refinery project. “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,” he said.
The project is a result of “extensive discussions” between Mubadala Petroleum, Pakistan’s petroleum ministry as well as Parco and OMV. This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan.
The UAE ambassador said that the two governments were “finalising the minute details of this refinery project”.
Many meetings have taken place regarding this project. A UAE delegation, headed by the chief executive officer of Mubadala Petroleum, had met with the Board of Investment (BoI) chairman and the petroleum minister during a visit to Pakistan a few months ago.