Abu Dhabi: International Petroleum Investment Co. (IPIC) is to invest Dh18.3 billion in a refinery project in Pakistan, with a capacity of 200,000 to 300,000 barrels a day.

The project is expected to play a great role in backing the Pakistani economy, making jobs available for Pakistanis and adding value to the UAE's economy. The project stands at the beginning of a new phase which is built over internal and external investment expansion, while diversifying its sources and channels.

The IPIC board, which met yesterday evening, discussed several projects to be carried out in the UAE and abroad.

Presided over by Shaikh Mansour Bin Zayed Al Nahyan, Minister of Presidential Affairs and Chairman of IPIC, the meeting evaluated the company's performance for the period between January and September and reviewed future plans. The company's profits this year are expected to reach Dh1 billion.

Shaikh Mansour gave new directives to expand the company and ensure success in its investments in the energy sector.