Inauguration of PIOL’s office in Abu Dhabi

Officials at the inauguration of PIOL's office
Officials at the inauguration of PIOL's office

Establishment of this office will pave the way for potential new business between the UAE and Pakistan, according to the shareholders



by

A Staff Reporter

Published: Thu 7 Jul 2022, 10:20 AM

Pakistan International Oil Limited (PIOL) recently inaugurated its new office in Abu Dhabi.

The office was inaugurated by Bakheet Ateeq Al Remeithi, Consul General of the UAE in Karachi, Pakistan, along with Imtiaz Feroz Gondal, Charge d’ Affaires, Embassy of Pakistan in Abu Dhabi.

PIOL is in the business of oil and gas exploration and production, having an exploration concession granted by the Supreme Council for Financial and Economic Affairs in Abu Dhabi in August 2021.

The company’s shares are held equally by four major Pakistani exploration and production companies namely Pakistan Petroleum Ltd (PPL), Oil and Gas Development Company Ltd (OGDCL), Mari Petroleum Company Ltd (MPCL), and Government Holdings (Private) Ltd (GHPL), with PPL being the management shareholder and responsible for the management and operations of the company.

The event was also attended by Moin Raza Khan, MD and CEO of PPL; Khalid Subhani MD and CEO of OGDCL; Faheem Haider, MD and CEO of MPCL; and Masood Nabi, MD and CEO of GHPL; along with their senior management.

Speaking at the event, PPL’s Khan stated that this was the first-of-its-kind investment where four of the largest companies in Pakistan had come together to jointly invest in the highly prospective area of offshore Abu Dhabi.

He explained that the journey, which was started by PPL with participation in the Abu Dhabi exploration and production bid round 2019 by Abu Dhabi National Oil Company (ADNOC), had come a long way with several milestones achieved together with the other shareholder companies. Establishment of this office would create the potential for expanding partnerships with ADNOC and other international oil companies in the Emirates and pave the way for new business for PIOL and its shareholders.

The managing directors of OGDCL, MPCL and GHPL also spoke on the occasion, lauding the synchronised efforts of the four shareholder companies throughout the process.

Echoing the sentiments, Al Remeithi said that he was happy to see Pakistani investment in the UAE oil and gas sector and assured the investors full support on behalf of the UAE Consulate in Pakistan.

Alongside, Gondal acknowledged the efforts of the Pakistani companies and added that this investment would further strengthen the relationship of Pakistan and the UAE.


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