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.
This is an international Oil and Gas company based in the United Arab Emirates.
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.
This is not the first time UAE has stepped forward for the betterment of Pakistan’s economy. It had also deposited $3 billion dollars in Pakistan’s Central Bank a few months ago.