ABU DHABI – Mubadala Power has signed a Memorandum of Understanding with OMV Downstream GmbH (OMV) and Pak-Arab Refinery Restricted (PARCO) to discover alternatives in sustainable fuels and feedstock manufacturing in Pakistan.
Below this settlement, the businesses will discover the potential of pursuing initiatives in round financial system initiatives, together with plastics manufacturing and recycling, sustainable fuels and feedstock in addition to the event of artificial oil and chemical merchandise.
The collaboration builds on a well-established partnership between Mubadala Power, OMV and PARCO and seeks to utilise cutting-edge applied sciences whereas leveraging present infrastructure and market entry.
In step with Mubadala Power’s technique to pursue alternatives in new power sectors and low-carbon options, the settlement additionally helps its just lately launched sustainability technique that pinpoints three key priorities: Making a constructive environmental impression, supporting accountable operations, and being a accomplice of selection.
Via the MoU, the companions additionally hope to additional assist efforts to make sure power safety inside key buyer centres.
Mansoor Mohamed Al Hamed, Mubadala Power CEO, acknowledged that this settlement brings collectively present companions to mix main expertise, power transition experience and market infrastructure to understand the potential of round financial system options at scale.
“For OMV, the venture helps the corporate’s net-zero emissions targets and aligns with a technique to turn into a number one, progressive producer of sustainable fuels and feedstock. For PARCO, the settlement has the potential to place the corporate as an essential participant within the round financial system and deepen integration into the chemical substances & supplies trade, whereas proactively growing sustainable, low-carbon options that assist diversify its enterprise,” he added.
Shahid Mahmood Khan, Managing Director of PARCO, acknowledged that Pakistan has immense potential to maneuver in the direction of environmentally pleasant fuels, noting, “We’re glad to collaborate with Mubadala Power and OMV to speed up power transition in Pakistan. Their expertise and experience will play an instrumental function in exploring avenues for round financial system and sustainable fuels.”
Martijn van Koten, Member of the OMV Government Board and Government Officer Fuels & Feedstock, stated, “The sourcing of sustainable uncooked feedstock and plastic waste is vital to our intention to develop sustainable gas manufacturing and our ReOil expertise. I’m satisfied that OMV, with its intensive know-how in key sustainable applied sciences, can considerably contribute to this cooperation’s success.”