UAE to invest $5bn in refinery project


DM Monitoring

ISLAMABAD: The United Arab Emirates (UAE) will invest $5 billion in an oil refinery project in Pakistan by the end of 2019.
In an interview with the publication, UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi said: “We are going to launch very soon one of the biggest investments in a refinery project in Hub, Balochistan. 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].”
The original plan is to set up a deep-conversion, state-of-the-art refinery that would have an output of 250,000-300,000 barrels per day. Al-Zaabi said the project was the result of “extensive discussions” between Mubadala