UAE To Invest $5 Billion In Pakistan – A New Oil Refinery To Be Set Up

The United Arab Emirates will invest 5 Billion dollars in Pakistan b the end of this year. UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi has confirmed this news. The decision will further strengthen the relations between Pakistan and the UAE.

The project will be set up in Hub, Balochistan, with an output of 250,000-300,000 barrels per day.

The story was first published in Arab News which states that UAE and Pakistan are all set to start a new project in Balochistan.

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].

Says the Ambassador to Pakistan.

What is PARCO:

It was incorporated in Pakistan in 1974 as a public limited company. The company has a huge stake in oil production today.

Mubadala:

This is an international Oil and Gas company based in the United Arab Emirates.

The plan:

UAE and Pakistan have planned to set up a refinery in Hub (Balochistan). The refinery will produce 250K to 300K barrels per day.

This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan.-Says the ambassador.