UAE to invest $5 bln in Pakistan

According to Arab News report The United Arab Emirates (UAE) will invest five billion dollars in an oil refinery project in Pakistan.

Ammbassdor of United Arab Emirates to Pakistan confirmed this news and said talks are at final stage and this project will be launched soon.

UAE Ambassador in Islamabad Hamad Obaid Ibrahim Salem Al-Zaabi in an interview 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].”

The oil refinery when completed would have a capacity of 2,50,000 to 3,00,000 barrels per day, the UAE envoy said.

“This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan,” the ambassador said

UAE’s  Ambassador to Pakistan said both countries are finishing the details of oil refinery and talks will be completed soon.

Stay tuned to Baaghi TV for more updates.

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