ISLAMABAD: Mubadala Petroleum, an international oil and gas company basedin the UAE, has expressed a keen interest in further strengthening itsfoothold in Pakistan.
Mubadala Petroleum CEO Musabbeh Al Kaabi called on Petroleum and NaturalResources Minister Ghulam Sarwar Khan at the Ministry of Petroleum onThursday. United Arab Emirates Ambassador Essa Abdulla Al Basha Al Noamiwas also present on the occasion.
Welcoming the delegation, the minister said that Pakistan, under theleadership of Prime Minister Imran Khan, is committed to facilitating theforeign investors, adding that efforts are already underway to improve easeof doing business in the country.
He commended the UAE for its continuous investments in various sectors ofthe Pakistani market.
The minister said that Pakistan’s downstream oil refining and marketingsector offers lucrative investment opportunities. Based on industry demandforecasts, Pakistan needs new oil marketing and storage network, he added.
Mubadala Petroleum CEO Musabbeh Al Kaabi on the occasion appreciated thesteps taken by the government to facilitate current and potential investorsin the country.
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Al Kaabi shared with the minister recent update and progress on theestablishment of PARCO Coastal Refinery, saying that it would be one of theUAE’s major investments in the country.
The federal minister was also informed on the execution timelines of thecoastal oil refinery, with both dignitaries expressing satisfaction overthe current headway being made on this vital undertaking.
The CEO said PARCO’s plan to set up a deep conversion refinery would beable to refine 250,000bpd and would prove to be instrumental infacilitating the national exchequer.
The group also expressed interest in the LNG sector as well as in theexploration of onshore and offshore blocks in Pakistan. They also showedinterest in establishing the first propylene plant in Pakistan.
