Abu Dhabi state investment firm Mubadala is flexing its financial muscles, with agreements to extend its downstream interests in Pakistan and expand into Russia by investing in a Siberian oil producer.

The Pak-Arab Refinery JV (Pakistan 60%, Mubadala 40%) has contracted France’s TechnipFMC to manage pre-EPC work for a new refinery at Hub near Karachi. The 250,000 b/d plant will be Pakistan’s largest and will help meet Pakistan’s burgeoning energy and fuel demand. Parco...