Islamabad: A UAE-based strategic wealth fund is finalising its decision to invest in Pakistan’s petroleum sector by the end of 2019, reported a news source. Mubadala’s Petroleum and Petrochemicals, a division of Mubadala Investment Company, is finalising its decision on the multi-billion Pak Arab Refinery.
Mubadala’s Petroleum and Petrochemicals had earlier considered development of around 20,000 barrels per day of refining capacity. The quantity has since been revised after consultations with local developers in Karachi.
Musabbeh Al Kaabi, the division’s head, said his company was working with Pakistani authorities on a feasibility report, adding that a final investment decision was expected by the end of 2019.
Kaabi had earlier described the project as a huge investment in Pakistan’s oil and gas sector, saying the refinery would potentially rely on Abu Dhabi crude.
If the deal gets through, if will be Pakistan’s biggest in terms of foreign direct investment as the UAE officials have projected the cost at USD 5.5 to 6 billion.
