KARACHI: Oil and Gas Development Company Limited (OGDCL) and Pakistan Refinery Limited (PRL) have signed a Memorandum of Understanding (MoU) to establish a strategic partnership in the energy industry.
The MoU sets the framework for future collaboration and cooperation between OGDCL and PRL in the following areas:
Joint exploration and development of oil and gas resources
Joint production and marketing of petroleum products
Joint investment in energy-related infrastructure
Sharing of technical expertise and resources
The MoU is effective for a period of two years and can be extended by mutual consent. It is not legally binding but signifies the commitment of OGDCL and PRL to explore potential avenues for collaboration and cooperation.
Both OGDCL and PRL are optimistic about the benefits this strategic partnership 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.
OGDCL is a leading oil and gas exploration and production company in Pakistan. It is the largest producer of oil and gas in the country, with a market capitalization of over $10 billion. OGDCL has a portfolio of over 200 oil and gas fields and is responsible for the exploration, development, and production of oil and gas in Pakistan.
PRL is a prominent refinery engaged in the production and sale of petroleum products. It is the largest refinery in Pakistan with a capacity of 120,000 barrels per day. PRL produces a range of petroleum products, including gasoline, diesel, kerosene, and liquefied petroleum gas.