Staff Report
ISLAMABAD: Oil & Gas Development Company Limited (OGDCL) and Pakistan Arab Refinery Company (PARCO) have signed a Memorandum of Understanding (MOU) to collaborate on new projects in the energy sector, including oil and gas infrastructure projects. The move comes as part of a business diversification and energy transition strategy to ensure long-term sustainability and enhance shareholder value.
Under the MOU, both companies will establish joint working groups to evaluate opportunities and undertake feasibility studies for commercially, technically, and economically feasible projects. The two companies have identified specific projects and areas of cooperation to materialize tangible progress on a fast track basis.
As part of the first phase of the collaboration, world-class consultants will be engaged to identify and evaluate new opportunities. The joint venture opportunities will aim to leverage the strengths and expertise of both companies to develop and implement successful projects in the energy sector.
The MOU was signed by Mr. Ahmed Hayat Lak, MD/CEO of OGDCL, and Mr. Shahid Mahmood Khan, MD of PARCO. Senior management from both companies witnessed the signing ceremony.
This collaboration between OGDCL and PARCO is a significant step towards strengthening the energy sector in Pakistan and promoting business growth. It is expected to lead to the development of innovative and sustainable projects that will benefit both companies and contribute to the country’s overall energy security.
