ISLAMABAD – A $5 billion Oil Refinery is being established in Pakistan bythe United Arab Emirates (UAE).
UAE will invest $5 billion in an oil refinery project in Pakistan, *ArabNews* reported link on Friday.UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi said: “We aregoing to launch very soon one of the biggest investments in a refineryproject in Hub.
It is going to be a $5 billion investment between Mubadala PetroleumCompany of Abu Dhabi, Pak Arab Refinery Limited (Parco) and OMV [OMVPakistan Exploration Gesellschaft].”
According to *Arab News*, Al-Zaabi said the project was a result of”extensive discussions” between Mubadala Petroleum, Pakistan’s petroleumministry as well as Parco and OMV.
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“This project will show the strength of UAE-Pakistan relations and how theUAE is focusing on investment in and future of Pakistan,” he was quoted assaying, adding that the two nations were moving forward on new projects andinvestment.
The UAE ambassador said that the two governments were “finalising theminute details of this refinery project”
