Pak-Arab Refinery Limited (PARCO) on Tuesday announced the signing of a Memorandum of Understanding (MoU) with an Abu Dhabi-based international energy company Mubadala Energy and OMV Downstream GmbH (OMV) to explore opportunities in sustainable fuels and feedstock production in Pakistan.
In a press release, PARCO stated that the companies agreed to 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 builds on a well-established partnership between Mubadala Energy, OMV and PARCO and seeks to utilise cutting edge technologies while leveraging existing infrastructure and market access, said the statement.
The agreement supports Mubadala Energy’s recently launched sustainability strategy that prioritises 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, Mubadala Energy CEO, said: “We have set 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 realize 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.”
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For OMV, the project supports the company’s net zero emissions targets and is in line with a strategy to become a leading, 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.
PARCO Managing Director Shahid Mahmood Khan commented: “As the energy lifeline of the nation, we resolve 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 energy transition in Pakistan. Their technology and expertise will play an instrumental role in exploring avenues for circular economy and sustainable fuels.”
Martijn van Koten, Member of the OMV Executive Board and Executive Officer Fuels & Feedstock, said: “We are delighted to participate in this joint activity, which supports our sustainable business strategy. The sourcing of sustainable raw feedstock and plastic waste is key to our intention to expand sustainable fuel production and our 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.”
Originally published at tribune.com.pk