Abu Dhabi delays Pakistan refinery plans

Abu Dhabi: Abu Dhabi's government-owned International Petroleum Investment Co (IPIC) has delayed plans to set up a refinery in Pakistan, its CEO said.

Khadem al-Qubaisi told reporters the planned project was delayed due to various ‘problems’.

The board of IPIC had approved last year plans to build a $5 billion refinery with a capacity of 250,000 barrels per day in Pakistan.

IPIC invests in oil-related projects for the government of Abu Dhabi, the capital of the United Arab Emirates, which is the world's fifth-largest oil exporter.

Qubaisi said IPIC plans to increase its stakes in Austrian energy firm OMV and Spain's Cepsa after his company finalised a deal to acquire 70 percent of industrial services firm MAN Ferrostaal AG, part of German group.

IPIC also plans to invest $20 billion in the petrochemical industry of Abu Dhabi, Qubaisi said.