The UAE investors have shown keen interest in LNG business and exploration in onshore and offshore blocks. A meeting between Chief Executive Officer (CEO) of Mubadla Petroleum Musabbeh Al Kaabi and Federal Minister of Petroleum and Natural Resources Ghulam Sarwar Khan was held at the Ministry of Petroleum on Thursday.
The UAE group showed interest in LNG business and exploration in onshore and offshore blocks as well as showed interest in establishing the a propylene plant in Pakistan. CEO of Mubadla Petroleum, Musabbeh Al Kaabi appreciated the steps the government has undertaken to facilitate current and potential investors in the country.
He stated his company's resolve to further invest in Pakistan and undertake expansion of current facilities and infrastructure in the country. Al Kaabi shared recent updates and progress on the establishment of PARCO Coastal Refinery with the minister.
The PARCO Coastal refinery would be one of the UAE's major investments in the country. The federal minister was apprised of execution timelines of the coastal oil refinery and both dignitaries expressed satisfaction over the current headway being made by both sides on this vital undertaking. The PARCO's plan to set up a deep conversion state-of-the-art refinery would be able to refine 250,000 bpd and would be instrumental in making savings to the national exchequer.
Ghulam Sarwar Khan commended the UAE's continued investments in various sectors of Pakistani market. He reiterated the mutual feelings of goodwill that characterise the bilateral relations between both countries and the recent upward trajectory in bilateral relations that has seen regular exchanges between the top leadership of both countries.
The UAE delegates emphasised the UAE's strategic relations with Pakistan and the need to promote tolerance at all levels in the comity of nations, as the UAE has declared the year 2019 as the Year of Tolerance.
Ghulam Sarwar Khan said that Pakistan under the leadership of Prime Minister Imran Khan is committed to facilitating foreign investors and efforts are already under way to make incremental improvement in the ease of doing business in the country. Khan added that Pakistan downstream oil refining and marketing sector offers lucrative investment opportunities. Based on industry demand forecasts, Pakistan needs new oil marketing and storage network, he added.
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