OGDCL, PARCO Join Hands To Explore New Ventures, Energy Transaction

Oil & Gas Development Company Limited (OGDCL) and Pak-Arab Refinery Company Limited (PARCO) inked a Memorandum of Understanding (MoU) on Thursday for new projects, as part of a business diversification and energy transition strategy

ISLAMABAD, (UrduPoint / Pakistan Point News - 13th Apr, 2023 ):Oil & Gas Development Company Limited (OGDCL) and Pak-Arab Refinery Company Limited (PARCO) inked a Memorandum of Understanding (MoU) on Thursday for new projects, as part of a business diversification and energy transition strategy.

The MoU was signed for collaboration and joint venture opportunities in the energy sector including oil and gas infrastructure projects.

According to the MoU, both sides will constitute joint working groups to evaluate opportunities, undertake feasibilities and establish joint ventures for commercially, technically and economically feasible projects.

OGDCL and PARCO will explore opportunities of business growth to ensure term sustainability and for enhancing shareholders' value.

In the 1st phase, world-class consultants would be engaged for the identification and evaluation of new opportunities. Both companies have also identified certain specific projects and areas of cooperation, which will help in materializing tangible progress on a fast-track basis.

The companies were represented by OGDCL MD/CEO Ahmed Hayat Lak and PARCO MD Shahid Mahmood Khan and witnessed by senior management of both companies.