ISLAMABAD: The United Arab Emirates (UAE) plans to invest $5 billion in an oil refinery project in Pakistan by the end of 2019, said UAE’s top diplomat while talking to Arab News on Thursday.
“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 Hamad Obaid Ibrahim Salem Al-Zaabi said.
PARCO Coastal Refinery is among UAE’s major investments in the country. It was incorporated in Pakistan in May 1974, as a public limited company. Today, PARCO is considered the fulcrum in Pakistan’s strategic oil supply and logistics.
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 said the project was the result of extensive discussions between Mubadala Petroleum and Pakistan’s petroleum ministry along with 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.”
Pakistan has sought local and foreign investment in oil and gas sector. It is also offering good rates to oil and gas exploration and production companies.
“The two governments are finalizing the minute details of this refinery project. Many meetings have taken place regarding this project,” Al-Zaabi said, adding that a UAE delegation, headed by Musabbeh Al Kaabi, the chief executive officer of Mubadala Petroleum, visited Pakistan a few months ago and met with the board of investment chairman and Pakistan’s petroleum minister.
“They have discussed this project in detail. We are going to launch it very soon,” he added.
UAE to invest $5 billion in Pakistan's oil refinery, says envoy
UAE to invest $5 billion in Pakistan's oil refinery, says envoy
- PARCO Coastal Refinery is among UAE’s major investments in the country
- The oil refinery project in Hub, Balochistan, will have an output of 250,000-300,000 barrels per day
Pakistan imposes three-day curfew in Gilgit, Skardu cities after violent Khamenei protests
- At least 14 people were killed in the region where protesters burned UN offices, police station, school and a local charity
- Gilgit-Baltistan government spokesman says the situation is under control, police chief urges the residents to stay indoors
ISLAMABAD: Authorities have deployed troops and imposed a three-day curfew in the northern Pakistani cities of Gilgit and Skardu, according to a notification issued Monday, after over a dozen people were killed in clashes over the killing of Iran’s Supreme Leader Ayatollah Ali Khamenei in US-Israeli strikes.
Pakistan’s northern Gilgit-Baltistan (GB) region, where the two cities are located, saw violent clashes on Sunday as protesters set fire to and vandalized several buildings, including United Nations (UN) regional offices, army-run school, software technology park and an Aga Khan Rural Support Programme office.
Clashes with law enforcement agencies caused the deaths of at least 14 people in the region, among them a soldier, GB Caretaker Information Minister Ghulam Abbas confirmed told Arab News. He said around 50 others were injured.
“In wake of prevailing precarious law-and-order situation... it is expected that the situation may deteriorate further in Gilgit-Baltistan, particularly in District Gilgit and Skardu,” Deputy Home Secretary Ghulam Hasan said in a notification on Monday.
“It is therefore requested that Pakistan Army troops may be deployed in District Gilgit and Skardu and curfew may be imposed for an initial period of three days (2nd, 3rd and 4th March) to prevent any untoward incident and danger to human life and property.”
Separately, UN spokesman Stephane Dujarric said on Monday that protesters became violent near the UN Military Observer Group in Pakistan (UNMOGIP) Field Station, which was vandalized.
“The safety and security of UN personnel and premises throughout the region remain our top priority, and we continue to closely monitor the situation,” Dujarric said.
Shabir Mir, a Gilgit-Baltistan government spokesman, said the situation was under control and that the curfew would remain in place until Wednesday as police chief Akbar Nasir Khan urged residents to stay indoors.
Anger has been rising in Pakistan, particularly among members of the Shiite minority, following US and Israeli strikes on Iran that killed Khamenei and other senior officials. While Shiites are a minority nationwide, they form a majority in some northern districts and boast significant numbers in major urban centers.
Demonstrators in Pakistan’s southern port city of Karachi also stormed the US Consulate on Sunday, smashing windows and attempting to burn the building. Police responded with batons, tear gas, and gunfire, leaving 10 people dead and more than 50 injured.
The US embassy and its consulates in Karachi and Lahore canceled visa appointments and American Citizen Services on Monday, citing security concerns. Pakistani authorities have beefed up security at US diplomatic missions across the country, including around the US consulate building in Peshawar, to avoid any further violence.
Also Monday, the Pakistan Stock Exchange plunged, with the benchmark KSE-100 Index falling nearly 10 percent amid rising geopolitical tensions following attacks on Iran. Investors sold off shares across sectors, with analysts citing heightened uncertainty as the main driver behind the sharp decline.
Sunday’s unrest came amid ongoing cross-border fighting between Pakistan and Afghanistan, which began Thursday after Afghanistan launched attacks in retaliation for Pakistani airstrikes the previous Sunday. Pakistan has since carried out repeated operations along the border.
— With additional input from AP.
