ISLAMABAD: Leading exploration and production (E&P) companies, Oil and 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) have 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 Muhammad Mahmood (retired), witnessed the MoU signing ceremony held here on Wednesday at the OGDCL Head Office, Islamabad.
Under the MoU, OGDCL, PARCO, PPL, MPCL, and GHPL will consider joint venture projects and areas of mutual cooperation for green energy initiatives.
The 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,” said Capt Muhammad Mahmood (retired), Federal Secretary Petroleum Division.
“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.
Copyright Business Recorder, 2023
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