Mubadala Energy, OMV and Parco join forces to explore opportunities in sustainable fuels
KARACHI - Mubadala Energy, the Abu Dhabi-based international energy company, has announced the signing of a memorandum of understanding (MoU) with OMV Downstream GmbH (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: Creating a positive environmental impact, supporting responsible operations, and being a partner of choice.
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Through the MoU the partners also hope to further support efforts to ensure energy security within key customer centers. 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.”