PRL and the United Energy Group of China (UEG) signed a memorandum of understanding (MoU). The MoU was signed between the two firms during the ongoing 3rd Belt and Road Forum in Beijing. Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar and Pakistan’s Caretaker Energy Minister Muhammad Ali witnessed the signing ceremony of the agreement between the two firms.

Under the MoU, the Parties have expressed their respective desire and willingness to establish a strategic cooperation relationship based on mutual interest in the energy industry in Pakistan. The Parties will enter into good faith negotiations to identify potential cooperation and collaboration opportunities including equity investment in PRL as a strategic investor (with adequate board representation) for the upgradation and growth of the refinery.

Copyright Business Recorder, 2024