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.


Coronavirus takes further toll on Pakistani media 

Updated 28 May 2020

Coronavirus takes further toll on Pakistani media 

  • Pakistan Federal Union of Journalists (PFUJ) calls on media organizations to enforce stricter safety rules
  • More than 150 journalists are known to have tested positive for COVID-19

KARACHI: Three Pakistani media staff lost their battle with the coronavirus on Thursday, as pressure is mounting on news organizations to protect their workers.
Two Radio Pakistan employees, Urdu newscaster Huma Zafar and senior broadcast engineer Muhammad Ashfaq died of COVID-19 on Thursday morning, the radio confirmed in a statement.
Also in the morning, 92 News senior reporter Fakhruddin Syed succumbed to the disease.
“Fakhruddin Syed is the first journalist from Khyber Pakhtunkhwa who lost his life due to this pandemic. He was one of the pioneers from 92 News HD channel,” 92 News said in an obituary on its website.
Last week, the Pakistan Federal Union of Journalists (PFUJ) appealed to media organizations to enforce stricter safety rules, as more journalists have been sent into the field since the country lifted the remaining restrictions imposed on businesses to slow the pandemic.
The PFUJ’s COVID-19 committee head, Zulfiqar Ali Mehto, told Arab News on May 21 that the majority of the infected were reporters, cameramen and photojournalists, which implies that they had contracted the virus during field coverage.
Newsrooms are not safe either, according to PFUJ.
“We have rigorously worked on collecting data and have analyzed each case, which tells us that protective measures are not being taken seriously. If a single person is infected, given almost zero space between workstations, the virus may spread across the whole office,” Mehto said, adding that few media organizations provided hand sanitizers, face masks and gloves to their staff.
More than 150 journalists are known to have tested positive for the virus, according to PFUJ’s last week’s report. 
With Thursday’s victims, at least six Pakistani media workers have died of the disease.