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Officials at the inauguration of the PIOL office
According to shareholders, the establishment of the office will pave the way for potential new business between the UAE and Pakistan
Pakistan International Oil Company Limited (PIOL) recently opened a new office in Abu Dhabi.
The office was inaugurated by Bakheet Ateeq Al Remeithi, UAE Consul General in Karachi, Pakistan, and Imtiaz Feroz Gondal, Charge d’Affaires, Pakistani Embassy in Abu Dhabi.
PIOL, engaged in oil and gas exploration and production, was awarded an exploration concession by the Supreme Council of Financial and Economic Affairs in Abu Dhabi in August 2021.
Shares in the company are held equally by the four largest exploration and production companies in Pakistan namely Pakistan Petroleum Limited (PPL), Oil and Gas Development Limited (OGDCL), Mali Petroleum Limited (MPCL) and Government Holdings (Private) Limited (GHPL), PPL is the managing shareholder and is responsible for the management and operation of the company.
Also present at the event were Moin Raza Khan, MD and CEO of PPL; Khalid Subhani MD and CEO of OGDCL; Faheem Haider, MD and CEO of MPCL; and Masood Nabi, MD and CEO of GHPL; together with their senior management.
At the event, PPL’s Khan said it was the first such investment in which four of Pakistan’s largest companies have joined forces to jointly invest in a promising area offshore Abu Dhabi.
He explained that the journey started with PPL, which participated in the Abu Dhabi National Oil Company’s (ADNOC) 2019 Abu Dhabi Exploration and Production tender, has come a long way, achieving several with other shareholder companies milestone. The establishment of this office will create potential for expanding partnerships with ADNOC and other international oil companies in the UAE, and pave the way for new business for PIOL and its shareholders.
The managing directors of OGDCL, MPCL and GHPL also spoke, praising the synchronized efforts of the four shareholder companies throughout the process.
In this regard, Al Remeithi said he was pleased to see Pakistani investments in the UAE oil and gas sector and assured investors of its full support on behalf of the UAE Consulate in Pakistan.
Furthermore, Gundar acknowledged the efforts of the Pakistani company, adding that the investment will further strengthen Pakistan-UAE relations.
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