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Pakistan, Turkey sign MoU for energy sector

Christian Fernsby |
Pakistan and Turkey yesterday signed a Memorandum of Understanding (MoU) to intensify cooperation in the energy sector, especially in the areas of hydrocarbons, E and P joint ventures, sharing natural gas distribution and transmission practices besides LPG wholesale market expertise.

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Minister for Energy Omar Ayub Khan and his Turk counterpart Fatih Donmez inked the MoU in the presence of Prime Minister Imran Khan and Turk President Recep Tayyip Erdogan, a Petroleum Division press release said.

'The MoU in energy sector proposes cooperation in the areas of hydrocarbons, Joint Ventures in Exploration and Production (E and P) and sharing of best practices in natural gas distribution, transmission, whole sale markets in liquefied petroleum gas market,' it said.

The two countries would look into ways and means of promoting bilateral scientific, technological, administrative and commercial cooperation in the hydrocarbon sector.

Investments would also be encouraged in hydrocarbons, new refinery, up-gradation and modification of existing refineries, construction of pipelines, storage tanks, terminals and related facilities.

Turkish Petroleum International Company and Pakistan State Oil, whom have been nominated for increased cooperation in hydrocarbon sector in the MoU, would also create 'supply and trading opportunities for petroleum and petroleum products mainly gasoline, fuel oil, bitumen and other products.

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