ISLAMABAD: Chief Executive Officer (CEO) of Mubadla Petroleum, Musabbeh Al Kaabi called on the Federal Minister of Petroleum and Natural Resources Ghulam Sarwar Khan at the Ministry of Petroleum on Thursday.
Essa Abdulla Al Basha Al Noami, the Ambassador of the United Arab Emirates was also present on the occasion.
Federal Minister Ghulam Sarwar Khan, while, welcoming the delegation said that Pakistan under the leadership of Prime Minister Imran Khan is committed to facilitating foreign investors and efforts are already underway to make incremental improvement in the ease of doing business in the country.
The CEO 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 with the Minister recent updates, progress on the establishment of PARCO Coastal Refinery. The PARCO Coastal refinery would be one of the UAE’s major investments in the country. The Federal Minister was also 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.
PARCO’s plan to setup 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.
The group also showed interest in LNG business and exploration on onshore and off shore blocks. They also showed interest in establishing first propylene plant in Pakistan. On the other hand Ghulam Sarwar 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.
Ghulam Sarwar Khan commended UAE’s continued investments in various sectors of the Pakistani market. He reiterated the mutual feelings of goodwill and that characterize 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 UAE’s strategic relations with Pakistan and the need to promote tolerance at all levels in the comity of nations, this particularly, when the UAE has declared the year 2019 as the Year of Tolerance.
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