Mubadala Energy, OMV, PARCO to tap opportunities in sustainable fuels in Pakistan

Mubadala Energy, OMV, PARCO to tap opportunities in sustainable fuels in Pakistan

Mubadala Energy has tied up with OMV Downstream (OMV) and Pak-Arab Refinery Limited (PARCO) to explore opportunities in sustainable fuels and feedstock production in Pakistan. 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. The agreement also supports its recently launched sustainability strategy that pinpoints three key priorities: Creating a positive environmental impact, supporting responsible operations, and being a partner of choice. Mansoor Mohamed Al Hamed, Mubadala Energy CEO, commented: “We have set out a clear strategy to pursue new energy sectors and low carbon solutions in support of the energy transition. This agreement brings together existing partners to combine leading technology, energy transition expertise and market infrastructure to realize the potential of circular economy solutions, at scale. With the UAE’s commitment to net zero emissions, I am excited to see this collaboration contribute to these goals.” Shahid Mahmood Khan, MD, PARCO, commented: “As the energy lifeline of the nation, we resolve to secure a sustainable energy future for the Country. Pakistan has