Pakistan’s largest oil and gas explorer, Oil and Gas Development Company Limited (OGDCL), is set to make equity investment as a strategic investor in Pakistan Refinery Limited (PRL).

The two companies have signed a memorandum of understanding (MoU) to explore this option.

One of the key aspects of this cooperation includes OGDCL’s equity investment in PRL as a strategic investor with adequate board representation, aimed at upgrading and growth of the refinery.

“OGDCL has established a strategic partnership with PRL to identify and pursue potential cooperation opportunities and foster mutual growth in the energy industry of Pakistan,” said a statement.

“The MoU sets the framework for future collaboration and cooperation between the two companies.”

Both firms will work together to execute necessary agreements, including confidentiality agreements for data exchange, and identify suitable investment opportunities.

Published in The Express Tribune, May 25th, 2023.

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