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Karachi, The Oil and Gas Development Company Limited (OGDCL) and Pakistan State Oil (PSO) have joined hands in a significant move towards cooperation and collaboration in the energy sector. On July 27, 2023, the two leading entities signed a Memorandum of Understanding (MOU) outlining their joint investment strategy for establishing a Greenfield refinery project in Baluchistan. The project will be executed under a consortium arrangement that includes participation from foreign investors.
This strategic partnership aims to leverage the incentives offered by the Government of Pakistan under the Pakistan Oil Refining Policy for New/Greenfield Refineries, 2023. By capitalizing on these incentives, the project is expected to foster growth and development in the energy sector while promoting the establishment of a modern refinery in Baluchistan.
The MOU also presents a unique opportunity for OGDCL to achieve vertical integration in the oil and gas sector, enabling the company to diversify its operations and strengthen its position in the industry.
The collaboration between OGDCL and PSO, along with the involvement of foreign investors, holds promise for the future development of Pakistan’s oil and gas infrastructure. As per the compliance requirements, the information has been disclosed in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6. (a) of PSX Regulations, for dissemination among relevant stakeholders and members.
The post OGDCL and PSO Sign MOU to Establish Greenfield Refinery Project in Baluchistan with Foreign Investors appeared first on Pakistan Company News.