In a large pot, heat the olive oil and butter over medium heat. Add the onion, garlic, carrot, and celery. Sauté until the vegetables are soft, about 5-7 minutes.
Stir in the red pepper flakes and tomato paste, cooking for an additional 2 minutes.
Pour in the seafood stock and white wine, bringing the mixture to a simmer. Let it cook for about 10 minutes to allow the flavors to meld.
Reduce the heat to low and stir in the heavy cream. Add the chopped shrimp and crab meat, cooking gently for another 5 minutes until heated through.
Season with salt and black pepper to taste.
Serve hot, garnished with fresh parsley.