AVN 50.86 Increased By ▲ 2.76 (5.74%)
BAFL 28.91 Increased By ▲ 0.11 (0.38%)
BOP 3.71 Decreased By ▼ -0.05 (-1.33%)
CNERGY 3.31 No Change ▼ 0.00 (0%)
DFML 11.01 Increased By ▲ 0.11 (1.01%)
DGKC 53.10 Increased By ▲ 0.34 (0.64%)
EPCL 44.05 Increased By ▲ 0.75 (1.73%)
FCCL 12.65 Increased By ▲ 0.20 (1.61%)
FFL 6.27 Increased By ▲ 0.22 (3.64%)
FLYNG 6.07 Increased By ▲ 0.08 (1.34%)
GGL 10.74 Increased By ▲ 0.44 (4.27%)
HUBC 68.67 Decreased By ▼ -0.29 (-0.42%)
HUMNL 6.01 Increased By ▲ 0.15 (2.56%)
KAPCO 22.87 Increased By ▲ 0.04 (0.18%)
KEL 1.86 Increased By ▲ 0.03 (1.64%)
LOTCHEM 29.57 Decreased By ▼ -0.10 (-0.34%)
MLCF 29.08 Increased By ▲ 0.38 (1.32%)
NETSOL 79.96 Increased By ▲ 4.96 (6.61%)
OGDC 78.97 Increased By ▲ 0.77 (0.98%)
PAEL 9.86 Increased By ▲ 0.14 (1.44%)
PIBTL 4.39 Increased By ▲ 0.13 (3.05%)
PPL 61.46 Increased By ▲ 0.39 (0.64%)
PRL 14.79 Decreased By ▼ -0.38 (-2.5%)
SILK 1.07 Decreased By ▼ -0.02 (-1.83%)
SNGP 42.72 Increased By ▲ 0.04 (0.09%)
TELE 7.41 Increased By ▲ 0.46 (6.62%)
TPLP 12.97 Increased By ▲ 0.98 (8.17%)
TRG 100.39 Increased By ▲ 3.89 (4.03%)
UNITY 14.50 Increased By ▲ 1.12 (8.37%)
WTL 1.22 Increased By ▲ 0.06 (5.17%)
BR100 4,212 Increased By 19.2 (0.46%)
BR30 14,605 Increased By 165.7 (1.15%)
KSE100 42,143 Increased By 219.3 (0.52%)
KSE30 14,943 Increased By 70.6 (0.47%)
Follow us

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

Comments

1000 characters

MoU signed to explore, pursue green hydrogen opportunities

Rs90bn allocated for parliamentarians under SDGs

NEC apprised about the key challenges facing economy

Survey contains details of major socioeconomic indicators: MoF

Alvi summons Senate budget session tomorrow

Sustainable Development Achievement Goals Programme: ECC approves Rs27bn supplementary grants

PSDP: Govt takes firm step to revive certain CPEC initiatives

IT exporters, freelancers: 35pc of export proceeds can be retained in special forex accounts: SBP

IK and Qureshi meet, exchange wincing smiles

Finally, JKT launches new party to cash in on IK’s misery

IK formally named in ‘abetting’ lawyer’s drive-by murder