ISLAMABAD: United Arab Emirates (UAE) Mubadala Petroleum aims to expand its investment footprint in Pakistan by increasing its presence in liquefied natural gas (LNG) industry, oil and gas exploration, and establishing the first propylene gas plant in the country, a top official said on Thursday.
“We are resolved to further invest in Pakistan and undertake expansion of current facilities and infrastructure in the country,” Musabbeh Al Kaabi, the CEO of the international oil & gas firm, said in a meeting with Ghulam Sarwar Khan, the federal Minister of Petroleum and Natural Resources, at the ministry.
Essa Abdullah Al Basha Al Noami, the Ambassador of the United Arab Emirates was also present on the occasion.
A statement said Al Kaabi, during the meeting, appreciated the government’s steps taken to facilitate current and potential investors in the country.
The Mubadala group’s chief also shared the recent updates and progress on the establishment of PARCO Coastal Refinery with the petroleum minister.
The refinery would be one of the UAE’s major investments in the country.
Khan, while, welcoming the delegation said the government was committed to facilitate foreign investors and efforts were already underway to make incremental improvement in the “ease of doing business” in Pakistan.
The minister was also apprised of execution timelines of the coastal oil refinery
and both dignitaries expressed satisfaction over the current headway being made by both sides on this vital undertaking, the statement said.
The planned deep conversion state-of-the-art refinery would be able to refine 250,000 barrels per day, which would prove to be instrumental in savings a big chunk of national exchequer on petroleum imports bill.
Khan said,” Pakistan’s downstream oil refining and marketing sector offers lucrative investment opportunities, while based on industry demand forecasts, Pakistan needs new oil marketing and storage network at the earliest”.
Commending the UAE’s continued investments in various sectors of the Pakistan, the minister reiterated the mutual feelings of goodwill that characterise the bilateral relations between both countries.
The delegates emphasised the UAE’s strategic relations with Pakistan and the need
to promote tolerance at all levels in the comity of nations, particularly when
the Emirates had declared 2019 as the “Year of Tolerance”.
Mubadala Petroleum LLC operates as an international upstream oil and gas exploration and production company.
It manages assets and operations spanning various countries with a primary geographical focus on the Middle East and Southeast Asia. The company was founded in 2012 and is based in Abu Dhabi, United Arab Emirates.
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