The United Arab Emirates (UAE) has planned to invest $5 billion in an oil refinery project in Pakistan by the end of 2019, said a top diplomat.
"We are going to launch very soon one of the biggest investments in a refinery project in Hub (a town in Balochistan). 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)," UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi told Arab News on Thursday.
PARCO Coastal Refinery is among UAE's major investments in the country. It was incorporated in Pakistan on May 1974, as a public limited company.
Mubadala Petroleum is an international oil and gas company based in the UAE.
The plan is to set up a deep-conversion, state-of-the-art refinery that would have an output of 250,000-300,000 barrels per day.
Al-Zaabi told Arab News that the project was the result of extensive discussions between Mubadala Petroleum and Pakistan's petroleum ministry along with PARCO and OMV.
Pakistan has sought local and foreign investment in the oil and gas sector. It was also offering good rates to oil and gas exploration and production companies.