ISLAMABAD: Oil & Gas Development Company Limited (OGDCL) and PARCO ink an MoU for new projects, as part of business diversification and energy transition strategy.

The MoU was signed for collaboration and joint venture opportunities in the energy sector including oil & gas infrastructure projects. Both sides will constitute joint working groups to evaluate opportunities, undertake feasibilities and establish joint ventures for commercially, technically and economically feasible projects.

OGDCL & PARCO have joined hands to explore opportunities of business growth to ensure term sustainability and for enhancing shareholders value. In the 1st phase world class consultants would be engaged for the identification and evaluation of new opportunities.

Both companies have also identified certain specific projects and areas of cooperation, which will help in materializing tangible progress on a fast track basis.

The companies were represented by Ahmed Hayat Lak-MD/CEO OGDCL and Shahid Mahmood Khan-MD PARCO and witnessed by senior management of both the companies.

Copyright Business Recorder, 2023