According to the words of Chaudhry Fawad Hussain, Pakistan’s Minister for Information and Broadcasting, currently, the UAE and Pakistan jointly agreed to UAE’s proposal of building an oil refinery in the latter. The deal was finalized when UAE’s crown price Crown Prince Sheikh Mohamed bin Zayed Al Nahyan visited Pakistan to discuss the investment.
As per the reports and statements were given by Chaudhry Fawad, the UAE will be paying $3 billion in cash to Pakistan to help it overcome its payment crisis. Now, discussions are still undergoing the deferred payment based on the endowment of oil facility.
Pakistan even rolled out a red carpet for the Crown Prince of UAE in Islamabad to show appreciation for the support package of 6.2 billion dollars for Pakistan. Currently, the UAE moreover finalized all the T&C’s with Pakistani claiming that it will make a $3.2 billion deferred payment throughout the year to cover for oil supplies. However, in the initial stages, the UAE will provide $3 billion in cash to Pakistan to help it get over the economic crisis it’s facing.
To ensure these talks, the Pakistani Prime Minister met with the deputy chief of the armed forces in the UAE, Al Nahyan. Followed by this meeting, the Crown Prince also met the following members of the Pakistani Federal Cabinet to conform to this proposal. Among the members present in the meeting were, Shah Mahmood Qureshi, Foreign Minister, Abdul Razak Dawood, Adviser to the Prime Minister on Commerce and the PM himself. Apart from them were also present Asad Umar, Finance Minister, Omar Ayub Khan, Power Minister, Shahryar Afridi; Minister of State for Interior, Zulfi Bukhari and Special Assistant to Prime Minister on Overseas Pakistanis.
Now, with all these members the Crown Prince discussed the propositions and worked to establish secure and worthy bilateral relations.