Energy Giants Sign MoU To Pursue Green Hydrogen Projects
Mohammad Ali (@ChaudhryMAli88) Published March 29, 2023 | 07:42 PM
Leading exploration and production (E&P) companies Oil & Gas Development Company Limited (OGDCL), Pak-Arab Refinery Limited (PARCO), Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited (MPCL), and Government Holdings Private Limited (GHPL) Wednesday signed a Memorandum of Understanding (MoU) to explore and pursue green hydrogen opportunities within and outside Pakistan
ISLAMABAD, (UrduPoint / Pakistan Point News - 29th Mar, 2023 ):Leading exploration and production (E&P) companies Oil & Gas Development Company Limited (OGDCL), Pak-Arab Refinery Limited (PARCO), Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited (MPCL), and Government Holdings Private Limited (GHPL) Wednesday signed a Memorandum of Understanding (MoU) to explore and pursue green hydrogen opportunities within and outside Pakistan.
The collaboration aims to drive the energy transition towards a more sustainable future, leveraging each company's expertise and resources.
The MoU was signed by Ahmed Hayat Lak, MD/CEO OGDCL; Shahid Mahmood Khan, MD PARCO; Imran Abbasy, MD/CEO PPL; Fahim Haider, MD/CEO MPCL; and Masood Nabi, MD GHPL on behalf of their respective companies.
Federal Secretary of Petroleum Division, Capt (R) Muhammad Mahmood, witnessed the MoU signing ceremony.
Under the MoU, OGDCL, PARCO, PPL, MPCL, and GHPL will consider joint venture projects and areas of mutual cooperation for green energy initiatives.
Companies will also establish a joint fund to raise equity for hydrogen projects. As a first step, feasibility will be conducted to formally initiate the project.
"This collaboration is a significant step towards building a more sustainable future for Pakistan and beyond," the secretary petroleum division said.
"We are confident that by leveraging our collective expertise and resources, we can accelerate the energy transition and create a greener, cleaner, and more prosperous future," remarked Ahmed Hayat Lak, MD/CEO of OGDCL.
The MoU will be initially effective for two years from the date of signing, with the option to extend by mutual agreement. The energy giants will lead the pursuit of green hydrogen projects, engaging consultants and advisors subject to the agreement of the other parties.
Related Topics
Recent Stories
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
Record London close as oil prices drop on easing Middle East fears
TV tower in Kharkiv struck as Russia captured village
LCCI language courses from May 1
More Stories From Business
-
KPT shipping movements report
1 hour ago -
Gold rates further decline by Rs.7,800 per tola to Rs.240,900
3 hours ago -
Tesla earnings a 'moment of truth' for Musk after stumbles
5 hours ago -
Foreign exchange rates
6 hours ago -
EXCHANGE RATES FOR CURRENCY NOTES
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
7 hours ago
-
Today Gold Rate in Pakistan 23 April 2024
8 hours ago -
Tokyo shares open higher
8 hours ago -
Pakistan commends CIDCA for Continued Support in Economic Development
15 hours ago -
Macro-economic indicators start showing positive trends in country
15 hours ago -
Record London close as oil prices drop on easing Middle East fears
17 hours ago -
LCCI language courses from May 1
17 hours ago