BAFL 38.50 Decreased By ▼ -0.11 (-0.28%)
BIPL 17.45 Increased By ▲ 0.66 (3.93%)
BOP 4.06 Increased By ▲ 0.11 (2.78%)
CNERGY 3.08 Decreased By ▼ -0.03 (-0.96%)
DFML 16.50 Increased By ▲ 0.25 (1.54%)
DGKC 43.89 Increased By ▲ 0.14 (0.32%)
FABL 22.27 Increased By ▲ 0.12 (0.54%)
FCCL 11.32 Increased By ▲ 0.37 (3.38%)
FFL 6.38 Increased By ▲ 0.08 (1.27%)
GGL 9.47 Decreased By ▼ -0.11 (-1.15%)
HBL 90.51 Decreased By ▼ -1.99 (-2.15%)
HUBC 87.57 Decreased By ▼ -0.13 (-0.15%)
HUMNL 5.48 Decreased By ▼ -0.02 (-0.36%)
KEL 2.00 Increased By ▲ 0.05 (2.56%)
LOTCHEM 28.51 Increased By ▲ 0.25 (0.88%)
MLCF 30.18 Increased By ▲ 0.72 (2.44%)
OGDC 97.81 Increased By ▲ 1.74 (1.81%)
PAEL 9.99 Decreased By ▼ -0.06 (-0.6%)
PIBTL 3.91 Increased By ▲ 0.01 (0.26%)
PIOC 85.36 Increased By ▲ 0.61 (0.72%)
PPL 74.47 Increased By ▲ 1.57 (2.15%)
PRL 15.29 Decreased By ▼ -0.11 (-0.71%)
SILK 0.96 Increased By ▲ 0.02 (2.13%)
SNGP 46.78 Increased By ▲ 0.35 (0.75%)
SSGC 9.35 Increased By ▲ 0.22 (2.41%)
TELE 6.93 Increased By ▲ 0.01 (0.14%)
TPLP 12.35 Increased By ▲ 0.03 (0.24%)
TRG 90.22 Increased By ▲ 1.18 (1.33%)
UNITY 25.38 Decreased By ▼ -0.11 (-0.43%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,656 Increased By 12.1 (0.26%)
BR30 16,663 Increased By 117.9 (0.71%)
KSE100 46,365 Increased By 87.4 (0.19%)
KSE30 16,172 Increased By 20.7 (0.13%)

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

Comments are closed.

OGDCL and PRL sign MoU on strategic cooperation

ECP issues lists of delimited constituencies

Shamshad seeks greater role of provinces towards meeting targets

IRIS system’s capacity enhanced: Up to 0.6m taxpayers to file tax returns on a daily basis

Contracts with IPPs, tariffs and ‘SOFR’: ECC tells PD to analyse impact of change, financial implications

KE tariff hiked up to Rs4.45

NTDC accuses Nepra of unleashing ‘awry’ deductions

Ban on import of smuggled items through ATT imminent

‘Unholy’ pacts with IPPs must be reviewed: Senate panel

APSR for FY23 released: Banks, MFBs process e-banking transactions worth Rs167.4trn

Issuance of right shares: SECP places additional conditions for listed firms