Mubadala to decide on investing $6 bn in Pakistan’s refinery project by 2021

Image source: TheNational

LAFFAZ Media
LAFFAZ Media

Abu Dhabi’s Mubadala Investment Company has recently shared its word about investing $6 billion (AED22.03bn) in Pakistani refinery project. The complexity in the final decision making is arising due to the potentiality of other investors from Saudi Arabia and the UAE.

Mubadala Petroleum & Petrochemicals as well as Austria’s OMV, in which Mubadala has a 24.9 percent stake, are looking to develop a 250,000 barrel-per-day refinery in the Balochistan region near the port city of Karachi to meet Pakistan’s growing energy demand.

In conversation with the National, Mudadala shared that they will make a final investment decision by 2021.

Musabbeh Al Kaabi, CEO, Mubadala Petroleum & Petrochemicals told The National last month…

“We are still finalising the studies and we have a very healthy engagement with our counterparts in Pakistan,”

“Potentially there might be others who might join the partnership. The project originally [was] between OMV, Mubadala and the Pakistanis, [then] there are companies such as Adnoc, and potentially maybe in the future Aramco, but this is a decision that the Pakistani side should take. It’s not us who will dictate who will be part of this project,”

Editorial Staff
Editorial Staff

The Editorial Staff at LAFFAZ encompasses fandoms of startup culture, crazy researchers, data analysts and writers who decrypt strenuous information into graspable news, produce noteworthy features and compelling stories.

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