NewsFebruary 27 , 2017
MoU signed for oil and gas-related projects in KP
PESHAWAR: The Khyber Pakhtunkhwa Oil & Gas Company Ltd. an independent company owned by the KP government and Heritage Resources Ltd, a company incorporated in Hong Kong, Sunday signed memorandums of understanding (MoU) for oil and gas-related projects.The Chief Executive Officer of KP-OGCL Raziuddin and Director HR-Ltd. Khaled Hamedi signed the MoUs on behalf of their respective companies. Chief Minister Pervez Khattak and RCCC LIU Vice-President Ruchen were present, said a handout.
The MoU will also offer Farm-Out opportunities in KP’s Concession Blocks. Both the companies will sign separate agreements. The scope of the MoU includes developing joint strategies to work as a prime contractor in Pakistan, especially Khyber Pakhtunkhwa on case-to-case basis.
The KPOGCL will offer investment opportunities in its concession blocks to explore and develop future prospects under KP-CPEC. The HR-LTD shall arrange state-owned companies and provide the investment, for G2G deals in different projects related to E & P in KP-CPEC.
Both the parties will work on project-to-project basis, where profitability of the project will be one of the acceptance criteria for the parties as per scope defined in CPEC frame of work by the government of Pakistan.
Meanwhile, the China Railway Construction Corporation Limited (CRCC) has offered to invest in various development schemes in Khyber Pakhtunkhwa. It will soon sign a number of agreements with the provincial government for execution of various projects.
This was disclosed at a meeting between KP Chief Minister Pervez Khattak and Vice-President CRCC of China LIU Ruchen. The later was leading a high-level Chinese delegation comprising heads of various subsidiaries of the CRCC while KP Secretary P & DD Shahab Ali Shah who is also the province focal person for CPEC, Secretary Communication and Works Mohammad Asif Khan, Secretary Finance Ali Raza Bhutta Secretary to Chief Minister Mohammad Israr Khan and heads of various provincial government organizations including KP-OGCL and EZDMC were also present on the occasion.
Welcoming the Chinese guests, the chief minister said the execution of the CPEC related projects and Chinese investment would further cement the all-weather friendship and brotherly relations between the two neighboring nations.
The Chinese delegation said that KP is not only the main Province adjacent to China but the first stop-over on the CPEC. The delegation briefed the chief minister about their expertise and capacities in designing, construction, investments, execution and management of various sectors.
Courtesy www.thenews.com.pk
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