MOL Group & Mari Pe­tro­leum sign MoU on strate­gic co­op­er­a­tion

Daily Messenger - - Biz -

BU­DAPEST/KARACHI: MOL Group and Mari Pe­tro­leum Com­pany Ltd (MPCL) to­day an­nounced a strate­gic co­op­er­a­tion ini­tia­tive for eval­u­at­ing fu­ture po­ten­tial busi­ness op­por­tu­ni­ties in the lo­cal, in­ter­na­tional up­stream ex­plo­ration and pro­duc­tion sec­tor. The MoU for strate­gic co­op­er­a­tion was signed by Dr. Berislav Gaso, Ex­ec­u­tive Vice Pres­i­dent Up­stream, MOL Group and Lt. Gen. Ish­faq Nadeem Ah­mad (Retd.), MD/CEO MPCL, here at MOL Group HQ. Other dig­ni­taries in­clud­ing Mr Gra­ham Balchin - MD/CEO, MOL Pak­istan, Mr Ali Mur­taza Ab­bas - MOL Group Re­gional Ad­vi­sor Mid­dle East, Africa & Pak­istan, Aqib An­wer - GM Busi­ness De­vel­op­ment & Com­mer­cial, MPCL and Tu­fail A. Khoso, GM Ex­plo­ration, MPCL wit­nessed the sign­ing.

The strate­gic co­op­er­a­tion between the two pe­tro­leum ex­plo­ration com­pa­nies en­vis­ages ex­plor­ing op­por­tu­ni­ties jointly in Pak­istan, the Mid­dle East, African con­ti­nent and CIS Re­gion, es­pe­cially the Rus­sian Fed­er­a­tion and Kaza­khstan.

MPCL is one of the lead­ing pe­tro­leum ex­plo­ration and pro­duc­tion com­pa­nies of Pak­istan with more than 60 years of rich his­tory. It man­ages and op­er­ates the coun­try’s largest gas reser­voir (in terms of cur­rent re­serves) at Mari Field.

MOL Group in Pak­istan is the largest for­eign pro­ducer of oil and gas. The two oil ex­plo­ration and pro­duc­tion com­pa­nies with a ro­bust fi­nan­cial back­ground have de­sired through this MOU to ex­change tech­ni­cal knowl­edge and in­dus­try ex­pe­ri­ences, al­low­ing for fur­ther dis­cus­sion of po­ten­tial lo­cal, in­ter­na­tional up­stream growth syn­er­gies and pos­si­ble part­ner­ships.

Speak­ing on the oc­ca­sion, Dr. Berislav Gaso said that “MOL Group comes with over 75 years of E&P ex­pe­ri­ence, and has a suc­cess­ful record of cre­at­ing value through its up­stream ac­tiv­i­ties in many coun­tries. In Pak­istan, the com­pany has ac­quired in­sti­tu­tional knowl­edge, that cou­pled with MOL Group’s tech­no­log­i­cal edge, can help cre­ate value beyond MOL Group’s cur­rent op­er­a­tional port­fo­lio in Pak­istan. We look for­ward to this new part­ner­ship with MPCL for ex­plor­ing new busi­ness po­ten­tial on the global level.”

BU­DAPEST/KARACHI: Dr. Berislav Gaso - EVP Up­stream, MOL Group and Lt. Gen. (R) Ish­faq Nadeem Ah­mad - MD/CEO MPCL ex­chang­ing doc­u­ments af­ter sign­ing MoU for strate­gic co­op­er­a­tion.

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