ISLAMABAD: One of the leading companies of the United Arab Emirates, Mubadala Petroleum, has expressed interest to further invest in Pakistan and undertake expansion of current facilities and infrastructure, according to an official statement released by the Ministry of Petroleum on Thursday.
The CEO of Mubadala Petroleum, Musabbeh Al Kaabi met with Pakistan’s Petroleum Minister Ghulam Sarwar Khan at the ministry where the two officials discussed UAE’s investments in various sectors of Pakistani market.
Al Kaabi, accompanied by the UAE’s ambassador to Pakistan Essa Abdulla Al Basha Al Noami, appreciated Pakistan government’s steps to facilitate foreign investors and discussed the updates and progress on the establishment of PARCO Coastal Refinery — one of the UAE’s major investments in the country.
“The Federal Minister was also apprised of execution timelines of the coastal oil refinery and both dignitaries expressed satisfaction over the current headway being made by both sides on this vital undertaking,” read the handout.
PARCO’s plan to setup a deep conversion state of the art refinery would be able to refine 250,000 bpd and would be instrumental in adding to the national exchequer, the statement added.
“The group also showed interest in LNG business and exploration on onshore and offshore blocks. They also showed interest in establishing first propylene plant in Pakistan,” the handout read.
Khan told the visiting dignitary that Pakistan was committed to facilitate current and potential investors and that “efforts are already underway to make incremental improvement in the ease of doing business in the country.”
He commended UAE’s continued investments in different sectors and said that Pakistan downstream oil refining and marketing sector offered lucrative investment opportunities. “Based on industry demand forecasts, Pakistan needs new oil marketing and storage network,” he added.
He also noted that the bilateral relations between the two states were on an upward trajectory, and there had been regular exchanges between their top leadership.
Pakistan welcomes UAE’s continued interest in petroleum sector
Pakistan welcomes UAE’s continued interest in petroleum sector
- UAE’s Mubadala Petroleum keen to further invest in Pakistan
- PARCO Coastal refinery is one of UAE’s major investments in the country
Sharif departs for Austria on first official visit by Pakistani PM in over 30 years
- Shehbaz Sharif leads high-level delegation to Austria on two-day visit, says Pakistan’s foreign office
- Sharif to meet Austrian counterpart, chair Pakistan–Austria Business Forum meeting during visit
ISLAMABAD: Prime Minister Shehbaz Sharif departed for Vienna on Sunday for a two-day visit to review bilateral ties, his office said in a statement, marking the first official visit by a Pakistani premier to the country in over three decades.
Pakistan’s foreign ministry spokesperson said that Sharif is undertaking the visit at Austrian Chancellor Christian Stocker’s invitation. Sharif will lead a high-level delegation comprising the deputy premier and information minister from the Feb. 15-16 visit.
The foreign office said Sharif’s visit marks 70 years since diplomatic relations between Pakistan and Austria were established.
“This visit by Prime Minister Shehbaz Sharif to Vienna marks the first visit by a Pakistani Prime Minister to Austria in over three decades, the last having been undertaken by the then Prime Minister Nawaz Sharif in 1992,” the statement said.
Sharif will hold bilateral talks with his Austrian counterpart, during which the two leaders will take stock of the entire gamut of bilateral relations.
“The prime minister will also chair a meeting of the Pakistan–Austria Business Forum, which is being organized by the Austrian Economic Chamber (WKO),” the foreign office said. “He will also visit multilateral organizations.”
According to Pakistan’s foreign ministry, Islamabad and Vienna enjoy cooperation in the domains of trade, economy, culture and education.
It said Sharif’s visit to Vienna will establish new dimensions to the Pakistan-Austria relations.
