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 Airports Authority reports ‘historic’ twin-engine aircraft landing in Lahore
- Twin-engine aircraft are usually larger, heavier and require better airport infrastructure, navigation systems to land
- Pakistan Airports Authority says landing reflects its commitment to enhance aviation sector, strengthen infrastructure
ISLAMABAD: The Pakistan Airports Authority (PAA) announced on Saturday that the New General Aviation Aerodrome achieved a significant milestone when it handled the landing of a twin-engine aircraft.
A twin-engine aircraft has two engines that provide it redundancy and increased performance compared to single-engine counterparts. These aircraft range from small twin-engine propeller planes to large commercial jetliners. The presence of multiple engines enhances safety by allowing the aircraft to continue flying in the event of an engine failure.
However, twin-engine aircraft are usually larger, heavier and more complex than single-engine planes. They require advanced airport infrastructure such as better runways, navigation systems and air traffic coordination.
“The New General Aviation Aerodrome, Lahore achieved another significant operational milestone today with the successful landing of a twin-engine aircraft, following the recent arrival of a single-engine aircraft,” the PAA said in a statement.
It said the flight was also boarded by Air Vice Marshal Zeeshan Saeed, the director general of the PAA. The move reflected “strong institutional confidence” in the aerodrome’s safety standards, operational capability, and overall readiness, it added.
“The landing was conducted with exceptional precision and professionalism, demonstrating the aerodrome’s robust operational framework, technical preparedness, and effective airside coordination in accordance with contemporary aviation requirements,” the PAA said.
It said the landing represented a “major advancement” in Pakistan’s general aviation sector and underscores the PAA’s commitment to enhancing regional aviation capacity, strengthening infrastructure and promoting excellence in aviation development.
