UAE to Invest in Oil Refinery Project in Pakistan
Arab News has reported that the United Arab Emirates (UAE) will invest $5 Billion in an oil refinery project in Pakistan by the end of 2019.
The 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].
He further added that this project will strengthen UAE-Pakistan ties and how the UAE wants to focus on the future of Pakistan. He mentioned that the two nations were moving forward on new projects and investments.