Pak-Arab Refinery Limited (PARCO) has a signed a memorandum of understanding (MoU) with two foreign companies to explore opportunities in sustainable fuels and feedstock production in Pakistan, a statement said on Thursday.
UAE-based Mubadala Energy and an Austrian petrochemical firm OMV Downstream GmbH (OMV) to help PARCO find out possibilities of pursuing projects in circular economy initiatives, including sustainable fuels, plastics production and recycling, feedstock, and development of synthetic oil and chemical products.
The collaboration seeks to utilise cutting edge technologies while leveraging existing infrastructure and market access.
The agreement would also support a recently launched sustainability strategy that pinpoints three key priorities: creating a positive environmental impact, supporting responsible operations, and being a partner of choice.
Through the MoU, the partners also hope to further support efforts to ensure energy security within key customer centers.
“We have set out a clear strategy to pursue new energy sectors and low carbon solutions in support of the energy transition,” Mansoor Mohamed Al Hamed, Mubadala Energy CEO, said.
The agreement brings together existing partners to combine leading technology, energy transition expertise and market infrastructure to realize the potential of circular economy solutions, at scale, according to him.
For OMV, the project supports the company’s net zero emissions targets and is also line with a strategy to become a leading, innovative producer of sustainable fuels and feedstock.
According to PARCO, the collaboration would help to position the company as an important player in the circular economy and deepen integration into the chemicals and materials industry.
“As the energy lifeline of the nation, we resolve to secure a sustainable energy future for the country,” Shahid Mahmood Khan, managing director of PARCO said.