Islamabad, May 25, 2024: 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.
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.
Captions
PPL-FWO-1: (sitting- right to left) GME&CBD PPL Mr. Arshad Palekar and representative of DEW Mr. Qaisar Rafique sign the agreement for mineral exploration in EL-207 Block in Balochistan on May 24 in Islamabad. The signing ceremony was witnessed by (standing- right to left) MD & CEO PPL Mr. Imran Abbasy and DG FWO Major General Abdul Sami
PPL-FWO-2: (standing – right to left) MD & CEO PPL Mr. Imran Abbasy presents a memento to DG FWO Major General Abdul Sami during the signing ceremony of the agreement between the two companies for EL -207 block on May 24 in Islamabad
PPL-FWO-3: (standing- right to left) GME&CBD PPL Mr. Arshad Palekar and representative of DEW Mr. Qaisar Rafique exchange the signed agreements for EL-207 Block in Balochitan on May 24 in Islamabad in the presence of MD & CEO PPL Mr. Imran Abbasy and DG FWO Major General Abdul Sami
