OGDCL, MOL group ink MoU for strategic cooperation
ISLAMABAD: Pakistan’s biggest E&P Company Oil and Gas Development Company Limited (OGDCL) and MOL Group announced a strategic cooperation initiative for evaluating future potential business opportunities and in international upstream exploration and production.
MOU for strategic cooperation was signed by Graham Balchin, Managing Director/Chief
Executive Officer, MOL Pakistan Oil and Gas Company B.V, on behalf of MOL Group and by Zahid Mir, MD/CEO-OGDCL . The strategic cooperation between the two oil exploration companies envisions exploring opportunities jointly in Pakistan, Middle East, African Continent and CIS Region, especially the Russian Federation and Kazakhstan.
OGDCL is the largest E&P company of Pakistan and MOL Group in Pakistan is the largest foreign producer of oil and gas. The two oil exploration and production companies with a strong financial background have desired through this MOU to exchange technical knowledge and industry experiences, allowing for further discussion of potential international upstream growth synergies and possible partnerships.
ZahidMuzzaffar, Chairman OGDCL Board hailed the strategic cooperation between the two companies and stated that it will build a new relationship between OGDCL and MOL Group.
Zahid Mir MD/CEO-OGDCL while giving details of OGDCL’s business development initiatives commented that OGDCL looks forward to expanding its relationship to E&P opportunities internationally, while continue to grow our relations in Pakistan.