UAE to invest $5bn in oil refinery project in Pakistan by end of 2019: report
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The United Arab Emirates (UAE) will invest $5 billion in an oil refinery project in Pakistan by the end of the year, Arab News reported on Friday.
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. 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]."
According to Arab News, Al-Zaabi said the project was a result of "extensive discussions" between Mubadala Petroleum, Pakistan's petroleum ministry as well as Parco and OMV.
"This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan," he was quoted as saying, adding that the two nations were moving forward on new projects and investment.
The UAE ambassador said that the two governments were "finalising the minute details of this refinery project".
"Many meetings have taken place regarding this project," he added, sharing that a UAE delegation, headed by the chief executive officer of Mubadala Petroleum, had met with the Board of Investment (BoI) chairman and the petroleum minister during a visit to Pakistan a few months ago.
"They have discussed this project in detail. We are going to launch it very soon," Al-Zaabi said.
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On DawnNews
Comments (46) Closed
Oct 04, 2019 11:47am
Have to give it to Pakistan's foreign policy handlers under IK. Seems they have all friends at the moment.
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Oct 04, 2019 11:47am
They need us more than we need them. Keep it coming boys.
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Oct 04, 2019 11:50am
A welcome move but the 225 million brave, patriotic and dedicated people of the Islamic Republic of Pakistan want the brotherly Muslim country of UAE to fully, unconditionally and unequivocally condemn the blatent Indian aggression, occupation and annexation of the helpless, trifle, feeble, weak and hapless land and people of Jammu and Kashmir and revoke its recent award of civilian medal to the "Butcher of Gujraat" and Neeru of Jammu and Kashmir.
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Oct 04, 2019 11:54am
Now that's something substantial. Goodluck.
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Oct 04, 2019 11:58am
Money makes many things. Pakistan has to obey UAE terms.
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Oct 04, 2019 12:12pm
You are most welcome!
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Oct 04, 2019 12:15pm
@Dr. Salaria, Aamir Ahmad, too late for your treatment.
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Oct 04, 2019 12:30pm
@Dr. Salaria, Aamir Ahmad,
Get Well Soon...
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Oct 04, 2019 12:31pm
Has the UAE ambassador consulted his counterpart in Delhi? Setting up an oil refinery is highly profitable for UAE. The Ambassador should spell out the benefits to Pak public in term of employment and its estimated tax contributions
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Oct 04, 2019 12:48pm
UAE award for Modi but invest in Pakistan? I don’t have any problem with that.
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Oct 04, 2019 01:06pm
Good news, credit goes to PM Imran Khan and his team for excellent diplomacy and, I am sure more countries will come forward to invest in Pakistan. All this depends upon leadership's honesty, dedication, vision and, we as a nation should be proud and support such government for future of our children.
(Note: I'm the original 'Anti-Corruption_Pakistani' account holder for 3 years, advocating my candid views against injustice, inequality and corrupt mafia without any personal motives.)
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Oct 04, 2019 01:09pm
Do anyone including PM of the country will have access to the T&Cs? or is it going to be like CPEC?
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Oct 04, 2019 01:10pm
@Dr. Salaria, Aamir Ahmad, well said and so true.
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Oct 04, 2019 01:42pm
Excellent leadership by PM IK...if there is no military coup, PM IK will revive economy in 2 years....
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Oct 04, 2019 02:27pm
UAE is our closest, neighbouring Islamic Brother.
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Oct 04, 2019 02:49pm
Good. It will help balance out the billions of black money invested by Pakistanis in Dubai.
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Oct 04, 2019 03:40pm
KSA investing 100 million Dollars in refinery in India,just by the way
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Oct 04, 2019 04:43pm
@Unicorn , I think you have not heard about 75 billion $ investment in India last year.
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Oct 04, 2019 04:52pm
Let's get some action please. The promises are piling up..
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Oct 04, 2019 04:52pm
Slowly but surly, the investments will come, if you’re expecting major recoveries and economic boom in a year, you stand to be extremely disappointed.
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Oct 04, 2019 05:04pm
Only $5 billion?
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Oct 04, 2019 05:05pm
Protect the refinery well.
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Oct 04, 2019 05:18pm
Saudi recently got a 20% stake in Reliance refinery for $75 billion & is setting up one in India with 50% stake in $44 billion refinery.
It is a strategic investment to ensure that both countries continue to use only Saudi oil. Oil refineries only end up polluting while providing a few thousand jobs.
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Oct 04, 2019 05:34pm
@Nord,
That is part payment to repay the fine imposed by IMF recently........
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Oct 04, 2019 06:15pm
Saudi is investing 100Billion in India alone.
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Oct 04, 2019 06:30pm
let December come and we will see
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Oct 04, 2019 06:51pm
pakistan economy on the path to economic recovery.. good luck.
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Oct 04, 2019 07:08pm
@k k tiwari, it's 100 billion..
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Oct 04, 2019 08:11pm
@Unicorn , whatever happened to the promised Saudi refinery ? There was a lot of talk about that!
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Oct 04, 2019 08:12pm
Great news,
If leaders are honest and law and order is normal, such investments will come.
Corruption need to stop.
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Oct 04, 2019 08:24pm
@Anti-Corruption_Pakistani, where was this leadership and diplomacy when only 16 countries supported inUN
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Oct 04, 2019 08:33pm
Finally some good news.
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Oct 04, 2019 08:37pm
@True Focus, you too???
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Oct 04, 2019 10:21pm
They already announced 100 billion dollar investment in india
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Oct 04, 2019 10:29pm
Very big investment , kindly treat them with High respect and give business licences quickly, other countries will follow.
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Oct 04, 2019 11:04pm
Good economic news... Why is Pak so fortunate... Just lucky I guess...
Gordon D. Walker
Canada
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Oct 05, 2019 12:34am
@Fastrack, it's business. If Pakistan can offer secure investment why not? Remember the highest UAE award went to Modi!
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Oct 05, 2019 12:36am
Only MoU. No agreement
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Oct 05, 2019 01:56am
@Asif, uae categorically gave a statement supporting India on Kashmir policy
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Oct 05, 2019 02:02am
This oil refinery project is a welcome news. It has good potential to generate revenue for all involved parties and good jobs in Pakistan. My best wishes for success of the project.
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Oct 05, 2019 03:54am
@AW, Well in India are setting up $ 44 billion refinery and investing $ 75 billion in infrastructure.
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Oct 05, 2019 03:55am
@k k tiwari, $ 44 billion along with Saudi in raigad, Maharastra.
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Oct 05, 2019 03:56am
@Jehengir khan, Not really, you have to service debts too which is more than your revenues.
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Oct 05, 2019 03:57am
@Unicorn , $ 44 billion refinery, $ 75 billion in infrastructure in India. By the way, India has invested $ 65 billion in UAE. No comparison.
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Oct 05, 2019 05:18am
Hope this turns out to be a 'real game changer'.
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Oct 05, 2019 06:01am
@PM Danish, those who are quick to forget history will inevitably repeat it. mentally sick are those who are committing atrocities against the kashmiris in IOK.
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