Islamabad: Pakistan has extended an invitation to Russia to acquire shares in the Oil and Gas Development Company Limited (OGDCL) and the Pakistan Petroleum Limited (PPL), according to a news source. According to officials, Islamabad has asked Russian companies to participate in the government’s planned divestment-of-shares undertaking for these corporations — in order to become a strategic partner through the shareholding venture.
This offer is also applicable for the Pakistan Refinery Limited (PRL), a subsidiary body of the Pakistan State Oil (PSO). In this case, Russian companies can go for equity participation, or go for an engineering, construction, and procurement (ECP) contract in order to facilitate the revamp and upgradation of the refinery. The Russian firms can opt for both options as well.
A Russian firm, Zarubezhneft, has been eagerly participating in negotiation with the OGDC, PPL, and Mari Petroleum for investment projects; which (following successful talks) would result in the development of oil and gas fields in Pakistan.
Further, the oil & gas companies in Pakistan will draft various proposals for Russian firms to review, and will proceed accordingly.
