Tuesday, June 18, 2024

PPL Signs Joint Venture Agreement with FWO in Mining Sector

Pakistan Petroleum Limited (PPL) has signed a Joint Venture Agreement with Degan Exploration Works (DEW), a wholly owned subsidiary of Frontier Works Organization (FWO), to explore and develop mineral resources in the EL-207 Block located in District Chagai, Balochistan. This initiative is a key component of PPL’s strategy to diversify into the mining sector and strengthen its presence in Balochistan.

The agreement was signed by GME&CBD PPL Mr. Arshad Pakekar and Mr. Qaiser Rafique, representative of DEW, and witnessed by MD & CEO PPL, Mr. Imran Abbasy, and DG FWO Major General Abdul Sami on May 24 in Islamabad. The signing ceremony was attended by key stakeholders and company officials.

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Previously, PPL had entered a Memorandum of Understanding (MoU) with FWO to foster strategic cooperation on the EL-207 Project. The block is believed to have significant potential for porphyry-type deposits, including copper and gold. This agreement lays the foundation for a long-term partnership, offering strategic advantages within the mineral-rich Chagai metallogenic belt and is poised to transform the mining landscape in Balochistan.

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Mazhar Ali Raza
Mazhar Ali Raza
Mazhar Ali Raza is a senior journalist from Karachi. He has served more than twenty years in journalism. He was recently associated with the dunya media group as a senior business reporter from the last eleven years . Prior to that he has worked for CNBC for the period of four years. His major beats were the energy auto banking and agriculture sector . He has covered many seminars and exhibitions in Pakistan and abroad as well .
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