ISLAMABAD: Talks between Pakistan and the United Arab Emirates on an $5 billion oil refinery project have almost completed and the project would be launched by the end of this year, it emerged Friday.
More: UAE energy firm eyes greater footprint in Pakistan
UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi told Aran News that “we are going to launch one of the biggest investments in a refinery project in Hub very soon”.
“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 envoy quoted as saying.
Al-Zaabi said the project was the result of extensive discussions between Mubadala Petroleum and Pakistan’s petroleum ministry along with PARCO and OMV.
The project was finalised during Crown Prince Sheikh Mohamed bin Zayed Al Nahyan’s Pakistan visit earlier this year.
The discussion are ongoing on the minute details of the refinery project, the enjoy said adding that a delegation headed by Mubadala Petroleum chief, Musabbeh Al Kaabi, visited Pakistan and met with the chairman of board of investment chairman and petroleum minister.
High-speed diesel hiked from Rs277.45 per litre to Rs283.63, says Finance Division
Market gains more than 1,300 points during intraday trade
Criticising political leadership for defaulting on critical reforms, Arif Habib says this failure perpetuated...
PM Shehbaz says prime responsibility is to work tirelessly for making new IMF deal last one in country’s history
Minister says Pakistan needs to ensure structural reforms and bring self-sustainability
Islamabad aims to reduce its fiscal deficit by 1.5% to 5.9% in the coming year, heeding another key IMF demand