UAE to invest $5 bn in oil refinery project in Pak
The United Arab Emirates will invest a whopping USD 5 billion in an oil refinery project in cash-strapped Pakistan by the end of the year, the Gulf nation’s envoy was quoted as saying by a media report on Friday.
“This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan,” UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi was quoted as saying by the Arab News.
“We are going to launch very soon one of the biggest investments in a refinery project in Hub (in Pakistan’s Balochistan province),” Al-Zaabi said.
It is going to be a USD 5 billion investment venture between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Limited (Parco) and OMV (OMV Pakistan Exploration Gesellschaft), he said.
