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UAE To Invest $5 Billion In Pakistan – A New Oil Refinery To Be Set Up

  • The United Arab Emirates will invest 5 Billion dollars in Pakistan b the end of this year.
  • UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi has confirmed this news.
  • The decision will further strengthen the relations between Pakistan and the UAE.

The project will be set up in Hub, Balochistan, with an output of 250,000-300,000 barrels per day.

 

The story was first published in Arab News which states that UAE and Pakistan are all set to start a new project in Balochistan.

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]. 

Says the Ambassador to Pakistan.

 

What is PARCO:

It was incorporated in Pakistan in 1974 as a public limited company. The company has a huge stake in oil production today.

 

Mubadala:

This is an international Oil and Gas company based in the United Arab Emirates.

The plan:

UAE and Pakistan have planned to set up a refinery in Hub  (Balochistan). The refinery will produce 250K to 300K barrels per day.

This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan.-Says the ambassador.

  • 2019-10-06
  • Cpec Info
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