The United Arab Emirates (UAE) has decided to invest $5 billion in an oil refinery project in Pakistan by the end of 2019, Geo News has reported.

According to the details, while talking to a newspaper the UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi said: “we are going to launch one of the biggest investments in a refinery project in Hub very soon”.

“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],” Hamad Obaid was quoted as saying.

Al-Zaabi also said that the project was the result of extensive discussions between Mubadala Petroleum and Pakistan’s petroleum ministry along with PARCO and OMV.

The project was finalised during Crown Prince Sheikh Mohammed bin Zayed Al Nahyan’s Pakistan visit earlier this year. 

The envoy said that the discussions are ongoing on the minute details of the refinery project, adding that a delegation headed by Mubadala Petroleum chief, Musabbeh Al Kaabi, visited Pakistan and met with the chairman of board of investment (BOI) and petroleum minister in this regard.