Islamabad: A UAE firm has expressed willingness to set up the first polypropylene plant in Pakistan besides investing in onshore and offshore hydrocarbon exploration, a news source reported.
Musabbeh Al Kaabi, CEO of Mubadala Petroleum, expressed his views on the matter during a meeting with Minister for Petroleum Ghulam Sarwar Khan in Islamabad.
Al Kaabi apprised the minister about progress on the establishment of a state-of-the-art coastal refinery in Hub by the Pak-Arab Refinery Limited (PARCO), which is one the biggest oil and gas companies in Pakistan.
He also reiterated Mubadala Petroleum’s commitment to make additional investments in Pakistan in a bid to develop the existing facilities and energy infrastructure of the country.
In response, the minister pointed out that Pakistan’s downstream oil refining and marketing sector offered lucrative investment opportunities. He said that the country needs a new oil marketing and storage network.
He added that the incumbent government was committed to facilitating foreign investors and efforts were underway to promote ease of doing business in the country.
