ISLAMABAD, March 30 (Xinhua) -- Top exploration and production companies of Pakistan here on Wednesday joined hands to explore and pursue green hydrogen prospects within and outside the country, said the Petroleum Division of the Ministry of Energy.
According to the statement issued by the Petroleum Division, five leading companies, namely Oil & Gas Development Company Limited, Pak-Arab Refinery Limited, Pakistan Petroleum Limited, Mari Petroleum Company Limited, and Government Holdings (Private) Limited, signed a memorandum of understanding (MoU) for joint ventures in future.
The MoU will be initially effective for two years from the date of signing and it will engage consultants and advisors to explore the opportunities.
Under the MoU, the companies will also establish a joint fund to raise equity for joint ventures and green energy initiatives, said the statement.
Additional Secretary of the Petroleum Division Muhammad Mahmood, who witnessed the event, said that the collaboration could drive the energy transition towards a more sustainable future, leveraging each company's expertise and resources.
"This collaboration is a significant step towards building a more sustainable future for Pakistan and beyond," added the official.
On the occasion, Managing Director of the Oil & Gas Development Company Limited Ahmed Hayat Lak said, "we are confident that by leveraging our collective expertise and resources, we can accelerate the energy transition and create a greener, cleaner, and more prosperous future." Enditem