The UAE plans to invest $5 billion in an oil refinery project in Pakistan by the end of 2019, an Arab news publication reported on Friday.
“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 and OMV [OMV Pakistan Exploration Gesellschaft],” UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi said was quouted as saying by Arab News.
PARCO Coastal Refinery is among UAE’s major investments in the country. It was incorporated in Pakistan in May 1974, as a public limited company.
Mubadala Petroleum is an international oil and gas company based in the UAE.
The plan: set up a deep-conversion, state-of-the-art refinery that would have an output of 250,000-300,000 barrels per day.
The project is the result of extensive discussions between Mubadala Petroleum and Pakistan’s petroleum ministry along with PARCO and OMV, Al-Zaabi said.