The United Arab Emirates is finalizing talks on a $5-billion investment in a crude oil refinery project in Pakistan, local media report , with the construction of the facility likely to begin before this year’s end. “It is going to be a $5 billion investment between Mubadala Petroleum Company of Abu Dhabi, Pak Arab Refinery Limited (PARCO) and OMV [OMV Pakistan Exploration Gesellschaft],” the Ambassador of the UAE to Pakistan, Hamad Obaid Ibrahim Salem Al-Zaabi, said as quoted by The News International. The news breaks a day after unnamed sources told Bloomberg that the UAE’s state oil company, Adnoc, was looking for buyers of a minority stake in the company’s natural gas distribution network. The stake was valued at around $5 billion. The negotiations for the construction of a refinery in Pakistan have been ongoing for some time. Last year, the size of the investment was estimated at $4 […]