UAE to invest $5 billion in Pakistan's oil refinery, says envoy

UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi is talking to Arab News about his country’s plan to invest $5 billion in an oil refinery on October 3, 2019. (AN Photo)
Updated 06 October 2019

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

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.


Saudi Arabia, UAE condemn attack on religious seminary in Pakistan

Updated 28 October 2020

Saudi Arabia, UAE condemn attack on religious seminary in Pakistan

  • Tuesday bombing in Peshawar killed at least eight students and injured more than 130 others
  • UN office says shares in Pakistan’s “shock and grief” over attack on place of prayer and learning

ISLAMABAD: Saudi Arabia has condemned Tuesday’s bombing in Pakistan on a religious seminary in which at least eight students were killed and more than 130 others injured. 

The bombing happened as a prominent religious scholar was delivering a lecture about the teachings of Islam in the main hall of the Jamia Zubairia madrassa, police told media, adding that initial investigations suggested the bomb went off minutes after someone left a bag at the school.

“We condemn and denounce the terrorist attack that took place in a religious school,” the Saudi Embassy in Islamabad said in a Twitter post. “We reiterate our rejection of these criminal acts that are inconsistent with all religious principles and all moral and human values.”

In a separate tweet, the embassy of the United Arab Emirates in Islamabad also condoled with Pakistan: 

“Shocked to learn the tragic blast in Peshawar city this morning, sincere condolences and sympathies to our brothers in the Islamic Republic of Pakistan, wishing speedy recovery for the wounded, security and stability for the brotherly Pakistani people.”

The United Nations office in Pakistan said it shared in the “shock and grief” of the people of Pakistan. 

“We are appalled by this attack on children while they were in a place of prayer and learning,” the UN said in a statement.