ISLAMABAD: For a change, the country’s five leading oil and gas companies joined hands on Wednesday to delve into green energy projects as the world moves towards an energy transition away from fossil fuels.
The five public sector entities including Oil & Gas Development Company Ltd (OGDCL), Pak-Arab Refinery Ltd (Parco), Pakistan Petroleum Ltd (PPL), Mari Petroleum Company Ltd (MPCL) and Government Holdings Private Ltd (GHPL) formally signed a memorandum of understanding (MoU) to explore and pursue green hydrogen opportunities within and outside Pakistan.
The oil companies typically focus on their hydrocarbon resources to expand their businesses which are considered a key source of greenhouse gas emissions leading to extreme weather conditions and global warming. In recent years, such firms have started diversifying businesses towards green energy projects as pressures build across the country against greenhouse gas emissions.
The collaboration aims to drive the energy transition towards a more sustainable future, leveraging each company’s expertise and resources, said an official statement. The managing directors and chief executive officers of these entities signed the MoU on behalf of the respective firms.
Under the MoU, the group of five companies will consider joint venture projects and areas of cooperation for green energy initiatives. Companies will also establish a joint fund to raise equity for hydrogen projects. As a first step, feasibility will be conducted to formally initiate the project.
The MoU will be initially effective for two years from the date of signing, with the option to extend by mutual agreement. The energy giants will lead the pursuit of green hydrogen projects, engaging consultants and advisors subject to the agreement of the other parties. All the companies would share their resources out of their corporate social responsibility funds.
Meanwhile, OGDCL also announced on Wednesday to donate 100 fully equipped modern ambulances to district headquarter and tehsil headquarter hospitals across the country at a cost of about Rs200 million.
The ambulances will play a major role in strengthening the referral system, a key aspect in achieving health coverage.
The delivery of these ambulances will enhance the ability of public health services to respond to medical emergencies and provide timely referrals for patients in severe and life-threatening conditions, especially for people living in hard-to-reach areas or those not able to afford transportation. These ambulances will be distributed in collaboration with the local administration to BHUs, THQ and DHQ hospitals surrounding OGDCL operational fields.
Published in Dawn, March 30th, 2023
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