Mubadala Energy has signed a Memorandum of Understanding with Austria-headquartered OMV Downstream (OMV) and Pak-Arab Refinery Limited (PARCO) to explore opportunities in sustainable fuels and feedstock production in Pakistan.
Under this agreement, the companies will 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 utilize cutting-edge technologies while leveraging existing infrastructure and market access.
In line with Mubadala Energy’s strategy to pursue opportunities in new energy sectors and low-carbon solutions, the agreement also supports its recently launched sustainability strategy that pinpoints three key priorities including, Creating a positive environmental impact, supporting responsible operations, and being a partner of choice.
Mansoor Mohamed Al Hamed CEO Mubadala Energy
“For OMV, the project supports the company’s net-zero emissions targets and aligns 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.”
Mr. Shahid Mahmood Khan, Managing Director of PARCO, stated that Pakistan has immense potential to move towards environmentally friendly fuels, noting, “We are glad to collaborate with Mubadala Energy and OMV to accelerate the energy transition in Pakistan. Their technology and expertise will play an instrumental role in exploring avenues for circular economy and sustainable fuels.”
Mr. Martijn van Koten, Member of the OMV Executive Board and Executive Officer of Fuels & Feedstock, said that “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 significantly contribute to this cooperation’s success.”
