UAE to launch one of the biggest investments worth $5bn in the Pakistan refinery project
Pakistan and UAE are strengthening the business ties.
- Negotiations between Pakistan and the United Arab Emirates on a $5 billion refinery project are completed.
- “We are going to launch one of the biggest investments in a refinery project in Hub very soon”, UAE Ambassador.
Amid recent rift between Pakistan and UAE over the Kashmir issue, there is a piece of good news that the economic relationship between both countries has started to strengthen.
In a recent development, it has been observed that negotiations between Pakistan and the United Arab Emirates on a $5 billion refinery project have been completed.
Earlier today, it was decided that by the end of this year, the project would be launched.
A delegation headed by Mubadala Petroleum chief, Musabbeh Al Kaabi, visited Pakistan and met with the chairperson of the board of investment chairperson and petroleum minister.
According to the source, UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi told, “We are going to launch one of the biggest investments in a refinery project in Hub very soon”.
“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 envoy quoted as saying.
According to UAE ambassador Al-Zaabi, the project is the outcome of broad negotiations between UAE’s Mubadala Petroleum and Pakistan’s petroleum ministry along with PARCO and OMV.
Crown Prince’s visit to Pakistan
Earlier this year crown prince of UAE Prince Sheikh Mohamed bin Zayed Al Nahyan visited Pakistan and the project was confirmed at that time.
This project will have a long-term impact on the economic relationship between both countries. Such initiatives will boost the trade and business ties of UAE and Pakistan.
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