OGDCL and PARCO have joined forces to explore opportunities for business growth in order to ensure long-term sustainability and to increase shareholder value.
Oil & Gas Development Company Limited (OGDCL) and PARCO sign an agreement for new projects in energy sector as part of their business diversification and energy transition strategy.
The Memorandum of Understanding was signed to explore collaboration and joint venture opportunities in the energy sector, including oil and gas infrastructure projects. Both parties will form joint working groups to evaluate opportunities, conduct feasibility studies, and form joint ventures for commercially, technically, and economically viable projects.
OGDCL and PARCO have joined forces to explore opportunities for business growth in order to ensure long-term sustainability and to increase shareholder value. In the first phase, world-class consultants would be hired to identify and evaluate new opportunities. Both companies have also identified specific projects and areas of collaboration that will aid in the rapid realisation of tangible progress.
The companies were represented by Ahmed Hayat Lak-MD/CEO OGDCL and Shahid Mahmood Khan-MD PARCO, and senior management from both companies were present.
Oil and Gas Development Company Limited (OGDCL) is a Pakistani oil and gas company. It is listed on the Pakistan Stock Exchange as well as the London Stock Exchange as a secondary listing.
The Government of Pakistan established it in 1961, and it became a publicly traded company on October 23, 1997. It is now involved in the exploration, drilling, refining, and sale of oil and gas in Pakistan.
It is headquartered on Jinnah Avenue in Islamabad’s Blue Area, with the Government of Pakistan owning 74% of the company. Private investors own the remainder. It reported net sales of Rs 335.46 billion and profit of Rs 133.78 billion for fiscal year 2022.
PARCO was established as a public limited company in 1974 as a joint venture between the Government of Pakistan and the Emirate of Abu Dhabi. The Government of Pakistan owns 60% of the shares, with the Emirate of Abu Dhabi owning the remaining 40%.