Pakistan, Turkey Sign MoU For Increased Cooperation In Energy Sector
Faizan Hashmi 10 days ago Fri 14th February 2020 | 09:16 PM
Pakistan and Turkey Friday signed a Memorandum of Understanding (MoU) to intensify cooperation in the energy sector, especially in the areas of hydrocarbons, E&P joint ventures, sharing natural gas distribution & transmission practices besides LPG wholesale market expertise
ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Feb, 2020 ):Pakistan and Turkey Friday signed a Memorandum of Understanding (MoU) to intensify cooperation in the energy sector, especially in the areas of hydrocarbons, E&P joint ventures, sharing natural gas distribution & transmission practices besides LPG wholesale market expertise.
Minister for Energy Omar Ayub Khan and his Turk counterpart Fatih Donmez inked the MoU in the presence of Prime Minister Imran Khan and Turk President Recep Tayyip Erdogan, a Petroleum Division press release said.
"The MoU in energy sector proposes cooperation in the areas of hydrocarbons, Joint Ventures in Exploration and Production (E&P) and sharing of best practices in natural gas distribution, transmission, whole sale markets in liquefied petroleum gas market," it said.
The two countries would look into ways and means of promoting bilateral scientific, technological, administrative and commercial cooperation in the hydrocarbon sector.
Investments would also be encouraged in hydrocarbons, new refinery, up-gradation & modification of existing refineries, construction of pipelines, storage tanks, terminals and related facilities.
Turkish Petroleum International Company and Pakistan State Oil, whom have been nominated for increased cooperation in hydrocarbon sector in the MoU, would also create "supply and trading opportunities for petroleum and petroleum products mainly gasoline, fuel oil, bitumen and other products.
While, Oil and Gas Development Company Limited/Pakistan Petroleum Limited and Turkiye Petrolleri Anomium Ortakligi would be cooperating in E&P Joint Venture activities.
The two countries would also share best practices in gas distribution, transmission and wholesale markets, besides collaborating in usage of LPG automotive (refueling station and kits etc.) and LPG equipment manufacturing industry.
Both the sides also agreed to explore mutually beneficial cooperation opportunities in the above three areas in particular and other areas in the energy sector in general.
It was agreed that the current process must continue towards implementation. Pakistani and Turkish sides also agreed to remain in touch to expand cooperation in the energy sector.