Mubadala Energy, OMV, and PARCO Ink MoU to Explore Cleaner Fuels and Feedstock Production in Pakistan

Posted on 01/22/2023

Abu Dhabi-based Mubadala Energy, a sovereign wealth enterprise of the Mubadala Investment Company, inked a Memorandum of Understanding (MoU) with OMV Downstream GmbH (OMV) and Pak-Arab Refinery Limited (PARCO) to explore opportunities in sustainable fuels and feedstock production in Pakistan. Under this agreement, the companies will explore the possibility of pursuing projects in circular economy initiatives, including plastics production and recycling, sustainable fuels and feedstock as well as the development of synthetic oil and chemical products. Pak-Arab Refinery Company Limited is a Pakistani joint venture oil and gas company active in refining, transporting and marketing petroleum products. PARCO is a joint-venture between governments of Pakistan and Abu Dhabi. The Government of Pakistan holds 60% of the share holding while 40% of the shares are held by Emirate of Abu Dhabi through Mubadala Investment Company.

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