AVN 51.24 Increased By ▲ 2.18 (4.44%)
BAFL 28.67 Increased By ▲ 0.12 (0.42%)
BOP 3.62 Decreased By ▼ -0.01 (-0.28%)
CNERGY 3.27 No Change ▼ 0.00 (0%)
DFML 10.74 Decreased By ▼ -0.06 (-0.56%)
DGKC 52.60 Increased By ▲ 0.62 (1.19%)
EPCL 43.90 Increased By ▲ 0.30 (0.69%)
FCCL 12.41 Decreased By ▼ -0.01 (-0.08%)
FFL 6.20 Increased By ▲ 0.04 (0.65%)
FLYNG 5.99 No Change ▼ 0.00 (0%)
GGL 10.30 Increased By ▲ 0.04 (0.39%)
HUBC 68.66 Increased By ▲ 0.16 (0.23%)
HUMNL 5.84 No Change ▼ 0.00 (0%)
KAPCO 22.60 Decreased By ▼ -0.05 (-0.22%)
KEL 1.84 Increased By ▲ 0.01 (0.55%)
LOTCHEM 29.50 Increased By ▲ 0.60 (2.08%)
MLCF 28.70 No Change ▼ 0.00 (0%)
NETSOL 81.35 Increased By ▲ 4.45 (5.79%)
OGDC 79.90 Increased By ▲ 1.50 (1.91%)
PAEL 9.76 Increased By ▲ 0.09 (0.93%)
PIBTL 4.31 Increased By ▲ 0.10 (2.38%)
PPL 61.65 Increased By ▲ 1.16 (1.92%)
PRL 14.43 Decreased By ▼ -0.05 (-0.35%)
SILK 1.10 Increased By ▲ 0.04 (3.77%)
SNGP 42.98 Increased By ▲ 0.48 (1.13%)
TELE 7.22 Increased By ▲ 0.12 (1.69%)
TPLP 13.21 Increased By ▲ 0.44 (3.45%)
TRG 99.00 Increased By ▲ 2.87 (2.99%)
UNITY 15.40 Increased By ▲ 0.17 (1.12%)
WTL 1.19 Increased By ▲ 0.01 (0.85%)
BR100 4,190 Increased By 29.8 (0.72%)
BR30 14,589 Increased By 182.3 (1.27%)
KSE100 41,904 Increased By 217.8 (0.52%)
KSE30 14,804 Increased By 61.5 (0.42%)
Follow us

ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL), on Wednesday, established a strategic partnership with Pakistan Refinery Limited (PRL) to identify and pursue potential cooperation opportunities and foster mutual growth in the energy industry of Pakistan.

Both companies have entered into a memorandum of understanding (MoU) to establish a strategic cooperation relationship in the energy industry.

The MoU sets the framework for future collaboration and cooperation between the two companies.

Under the MoU, the OGDCL, a leading Oil and Gas Exploration and Production company in Pakistan, and the PRL, a prominent refinery engaged in the production and sale of petroleum products, will engage in good faith negotiations to identify potential areas of cooperation and collaboration.

One of the key aspects of this strategic cooperation includes OGDCL's equity investment in the PRL as a strategic investor, with adequate board representation, aimed at the upgradation and growth of the refinery.

Both companies will work together to execute necessary agreements, including confidentiality agreements for data exchange, to identify suitable investment opportunities. The parties will also facilitate and support each other in realising the objectives outlined in the MoU, with a commitment to defining a specific scope of work/ToR for any joint investment opportunity prior to entering into a definitive agreement.

The MoU is effective from the date of signing and will be valid for a period of two years unless mutually extended by both parties. Each party will bear its own costs related to the negotiation, execution, and performance of the MoU.

While the MoU is not legally binding and does not create any contractual obligations, it signifies the commitment of the OGDCL and the PRL to explore potential avenues for collaboration and cooperation. Any future cooperation will be subject to technical and commercial due diligence, as well as the respective boards' approvals.

Both the OGDCL and the PRL are optimistic about the benefits this strategic cooperation can bring to the energy industry in Pakistan. By leveraging their respective expertise and resources, these companies aim to contribute to the growth and development of the sector, ultimately benefiting the economy and the people of Pakistan.

Copyright Business Recorder, 2023


Comments are closed.

OGDCL and PRL sign MoU on strategic cooperation

As budget announcement nears, here are some proposals that could affect you

How experts view the upcoming budget announcement

Federal cabinet meeting approves Budget 2023-24

Cyclone Biparjoy: Climate minister says conditions supporting system may intensify

Migrants in UAE, including Pakistanis, turn to crypto to send remittances home

Kremlin says US can’t tell Saudi Arabia what to do on oil policy

Britain sets price floor on oil and gas windfall tax

Trump faces federal charges in classified documents case, adding to legal woes

Chinese investors flock to Riyadh conference seeking new markets, capital

Tax exemptions cost exchequer over Rs2.23trn