REG - Oil and Gas Devt Co - MOU in respect of greenfield refinery project

Oil And Gas Development CoAnnouncement

27/07/2023 10:15

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RNS Number : 4245H  Oil and Gas Development Company Ltd  27 July 2023

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

July 27, 2023

 The General Manager,                 London Stock Exchange Plc.,

 Pakistan Stock Exchange Limited,     10 Paternoster Square,

Stock Exchange Building,

                                    London EC4M 7LS.
 Stock Exchange Road,

Karachi-74000, Pakistan.

                                      Tel: (44) 20 7334 8907

 

Subject:        Memorandum of Understanding in respect of greenfield
refinery project

Dear Sir,

It is informed that a Memorandum of Understanding (MOU) has been signed
between the Oil and Gas Development Company Limited (OGDCL) and Pakistan State
Oil (PSO) on July 27, 2023 agreeing on cooperation and collaboration and a
joint investment strategy for setting up a Greenfield refinery project in
Baluchistan under a consortium arrangement with foreign investors.

 

2.       The project will benefit from the incentives offered by the
Government of Pakistan under the Pakistan Oil Refining Policy for
New/Greenfield Refineries, 2023 and provide an opportunity to OGDCL for
vertical integration in the oil and gas sector.

 

3.       The above information is submitted in compliance of Section 96 of
the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for
dissemination amongst your members please.

 

 

 

Yours sincerely,

 

 

(Wasim Ahmad)

A/Company Secretary

Copy:

 

Executive Director/HOD,

Offsite-II Department, Supervision Division,

Securities & Exchange Commission of Pakistan,

63, NIC Building, Jinnah Avenue, Blue Area,

Islamabad.

 

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