<p class="title">The United Arab Emirates will invest a whopping USD 5 billion in an oil refinery project in cash-strapped Pakistan by the end of the year, the Gulf nation's envoy was quoted as saying by a media report on Friday.</p>.<p class="bodytext">"This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan," UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi was quoted as saying by the Arab News.</p>.<p class="bodytext">"We are going to launch very soon one of the biggest investments in a refinery project in Hub (in Pakistan's Balochistan province)," Al-Zaabi said.</p>.<p class="bodytext">It is going to be a USD 5 billion investment venture between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Limited (Parco) and OMV (OMV Pakistan Exploration Gesellschaft), he said.</p>.<p class="bodytext">According to the report, which was carried by major Pakistani newspapers on Friday, the project was a result of "extensive discussions" between Mubadala Petroleum, Pakistan's petroleum ministry as well as Parco and OMV.</p>.<p class="bodytext">The envoy said the two countries were moving forward on new projects and investment.</p>.<p class="bodytext">The UAE ambassador said that the two governments were "finalising the minute details of this refinery project".</p>.<p class="bodytext">Many meetings have taken place on the oil refinery project, he said. A delegation from the UAE, headed by the chief executive officer of Mubadala Petroleum, had met with the Board of Investment chairman and the petroleum minister during a visit to Pakistan a few months ago.</p>.<p class="bodytext">"They have discussed this project in detail. We are going to launch it very soon," Al-Zaabi said.</p>.<p class="bodytext">In July, the International Monetary Fund approved a USD 6 billion loan to Pakistan, which is facing significant economic challenges on the back of large fiscal and financial needs and weak and unbalanced growth.</p>.<p class="bodytext">Cash-strapped Pakistan has also received some USD 9 billion in financial aid packages from friendly countries like China, Saudi Arabia and the UAE in recent months.</p>
<p class="title">The United Arab Emirates will invest a whopping USD 5 billion in an oil refinery project in cash-strapped Pakistan by the end of the year, the Gulf nation's envoy was quoted as saying by a media report on Friday.</p>.<p class="bodytext">"This project will show the strength of UAE-Pakistan relations and how the UAE is focusing on investment in and future of Pakistan," UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi was quoted as saying by the Arab News.</p>.<p class="bodytext">"We are going to launch very soon one of the biggest investments in a refinery project in Hub (in Pakistan's Balochistan province)," Al-Zaabi said.</p>.<p class="bodytext">It is going to be a USD 5 billion investment venture between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Limited (Parco) and OMV (OMV Pakistan Exploration Gesellschaft), he said.</p>.<p class="bodytext">According to the report, which was carried by major Pakistani newspapers on Friday, the project was a result of "extensive discussions" between Mubadala Petroleum, Pakistan's petroleum ministry as well as Parco and OMV.</p>.<p class="bodytext">The envoy said the two countries were moving forward on new projects and investment.</p>.<p class="bodytext">The UAE ambassador said that the two governments were "finalising the minute details of this refinery project".</p>.<p class="bodytext">Many meetings have taken place on the oil refinery project, he said. A delegation from the UAE, headed by the chief executive officer of Mubadala Petroleum, had met with the Board of Investment chairman and the petroleum minister during a visit to Pakistan a few months ago.</p>.<p class="bodytext">"They have discussed this project in detail. We are going to launch it very soon," Al-Zaabi said.</p>.<p class="bodytext">In July, the International Monetary Fund approved a USD 6 billion loan to Pakistan, which is facing significant economic challenges on the back of large fiscal and financial needs and weak and unbalanced growth.</p>.<p class="bodytext">Cash-strapped Pakistan has also received some USD 9 billion in financial aid packages from friendly countries like China, Saudi Arabia and the UAE in recent months.</p>