ISLAMABAD: The United Arab Emirates (UAE) plans to invest $5 billion in an oil refinery project in Pakistan by 2019 end, said UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi.

The investment will be in a refinery project in Hub, Balochistan through an agreement between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Ltd (PARCO) and OMV [OMV Pakistan Exploration Gesellschaft], he told Arab News. The 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.

Pakistan has sought local and foreign investment in oil and gas sector and is offering good rates to the sector’s companies.

The two governments are finalising details of this project for which many meetings have taken place, Al-Zaabi said. He added that a UAE delegation, headed by Musabbeh Al Kaabi, Mubadala Petroleum’s CEO, visited Pakistan a few months ago and met with the Board of Investment chairman and the petroleum minister.

Published in Dawn, October 5th, 2019