The Karachi Stock Exchange (Guarantee) Limited’s OGDCL Seek JVs with Iranian Oil COs

Karachi: Please refer to your letter No. KSE/C-1069-5350 dated September 8, 2011 regarding news item published in the daily “Business Recorder” dated September 8, 2011 on the above subject.

A preliminary meeting was held on September 7, 2011 between an Iranian Delegation headed by the General Director Asia-Pacific of Ministry of Petroleum, Islamic Republic of Iran and the Additional Secretaries from Ministries of P and NR and Water and Power and OGDCL representatives.

Amongst other agenda items like Power, Gas pipeline, Oil refineries and Products, the future possibilities of mutual cooperation in the areas of Exploration and Production of oil and gas between the two countries were also discussed. The talks were of an introductory nature in which areas of possible cooperation were generally identified. Before OGDCL enters into any JV with Iranian National Oil Companies for any opportunity, as arid when it arises, a full- fledged techno-economic evaluation will be conducted by QGDCL. The Stock Exchanges will be kept informed of any significant and material information in this regard.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136

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