International firms to explore sustainable fuel opportunities in Pakistan

January 20, 2023

An international company has shown interest in exploring opportunities in sustainable fuels and feedstock production in Pakistan in collaboration with other firms, WealthPK reports. According to a press release, Mubadala Energy, an Abu Dhabi-based international energy company, has announced the signing of 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 the 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. The collaboration among Mubadala Energy, OMV and PARCO is meant to utilise cutting-edge technologies while leveraging existing infrastructure and market access.

The agreement also supports the recently launched sustainability strategy of Mubadala Energy that pinpoints three key priorities, including 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.

Mansoor Mohamed Al Hamed, the chief executive of Mubadala Energy, said that they chalked out a clear strategy to pursue new energy sectors and low-carbon solutions in support of the energy transition. “This agreement brings together existing partners to combine leading technology, energy transition expertise and market infrastructure to realise the potential of circular economy solutions at scale. With the UAE’s commitment to net zero emissions, I am excited to see this collaboration contribute to these goals,” he said.

For OMV, the project supports the company’s net zero emissions targets and aligns with a strategy to become a leading and innovative producer of sustainable fuels and feedstock. For PARCO, the agreement has the potential to position the company as an important player in the circular economy and deepen integration into the chemicals and materials industry, while proactively developing sustainable, low-carbon solutions that help diversify its business.

Shahid Mahmood Khan, the managing director of PARCO, said that as the energy lifeline of the nation, they resolved to secure a sustainable energy future for the country. “Pakistan has immense potential to move towards environmentally friendly fuels. We are glad to collaborate with Mubadala Energy and OMV to accelerate the energy transition in Pakistan. Their technology and expertise will play an instrumental role in exploring avenues for circular economy and sustainable fuels,” he said.

Martijn van Koten, a member of the executive board of OMV, said that they were delighted to participate in the joint activity, which supported their sustainable business strategy. He added that the sourcing of sustainable raw feedstock and plastic waste was key to their intention to expand sustainable fuel production and their ReOil technology. “I am convinced that OMV, with its extensive know-how in key sustainable technologies, can make a significant contribution to the success of this cooperation,” he said, according to the press release received by WealthPK.

Credit : Independent News Pakistan-WealthPk