ISLAMABAD   -   The United Arab Emirates (UAE) will invest $5 billion in an oil refinery project in Pakistan by the end of the year, Arab News reported on Friday. In an interview with the publication, UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi 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].” According to Arab News, Al-Zaabi said the project was a result of “extensive discussions” between Mubadala Petroleum, Pakistan’s petroleum ministry as well as Parco and OMV.

“This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan,” he was quoted as saying, adding that the two nations were moving forward on new projects and investment. The UAE ambassador said that the two governments were “finalising the minute details of this refinery project”. “Many meetings have taken place regarding this project,” he added, sharing that a UAE delegation, headed by the chief executive officer of Mubadala Petroleum, had met with the Board of Investment (BoI) chairman and the petroleum minister during a visit to Pakistan a few months ago.