ABU DHABI, Jan 10: Abu Dhabi’s government-owned International Petroleum Investment Co (IPIC) has delayed plans to set up a refinery in Pakistan, its CEO said on Saturday.

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

But 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 per cent of industrial services firm MAN Ferrostaal AG, part of German group.

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.

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.

International Petroleum Investment Co also plans to invest $20 billion in the petrochemical industry of Abu Dhabi, Qubaisi said.—Reuters