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 cricket chief courts investors at UK roadshow as T20 league eyes expansion
- Mohsin Naqvi says the board is investing in infrastructure and high-performance training centers for players
- PSL features six teams and is expected to expand to eight, with its next edition scheduled for April and May
ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi said on Monday the board was investing in cricket infrastructure and high-performance training centers as he aimed to attract investors from the United Kingdom to buy Pakistan Super League (PSL) teams.
The remarks came during a PSL roadshow at Lord’s Cricket Ground in London, which brought together investors, franchise representatives and league officials to showcase the league’s commitment to global expansion, strategic partnerships and world-class entertainment.
PSL is Pakistan’s premier T20 cricket league, featuring six city-based teams competing for the title each year. The tournament’s 11th edition is expected to take place in April and May next year.
PCB has announced plans to expand the league by adding two new franchises this year, increasing the total number of teams to eight. The board said in a statement earlier this year it had already received “significant interest” from potential ownership groups in the UK for the two new teams.
“So, I will tell one thing to the investors, that we are not spending only money on the infrastructure, but also on the high-performance centers,” Naqvi said while speaking to the participants.
He highlighted that the PCB had recently renovated the Qaddafi Stadium in Lahore while the renovation of the National Stadium in Karachi was halfway done.
“We are building a new stadium in Islamabad ... [which will be] one of the best stadiums in Pakistan,” he added. “We are targeting Abbottabad. We are taking over Muzaffarabad stadium [in Azad Kashmir] also.”
The PSL roadshow aims to offer investors and cricket lovers an immersive introduction to the league, its commercial ecosystem and the strategic vision driving its next phase of growth.
Within a span of 10 years, PSL has competed for viewership with some of the most prominent cricket leagues around the world, including the Indian Premier League, the Big Bash League, the Hundred, and the Caribbean Premier League, among others.
