Five oil firms join hands for green energy.

ISLAMABAD -- For a change, the country's five leading oil and gas companies joined hands on Wednesday to delve into green energy projects as the world moves towards an energy transition away from fossil fuels.

The five public sector entities including Oil and Gas Development Company Ltd (OGDCL), Pak-Arab Refinery Ltd (Parco), Pakistan Petroleum Ltd (PPL), Mari Petroleum Company Ltd (MPCL) and Government Holdings Private Ltd (GHPL) formally signed a memorandum of understanding (MoU) to explore and pursue green hydrogen opportunities within and outside Pakistan.

The oil companies typically focus on their hydrocarbon resources to expand their businesses which are considered a key source of greenhouse gas emissions leading to extreme weather conditions and global warming. In recent years, such firms have started diversifying businesses towards green energy projects as pressures build across the country against greenhouse gas emissions.

The collaboration aims to drive the energy transition towards a more sustainable future, leveraging each company's expertise and resources, said an official statement. The managing directors and chief executive officers of these entities signed the MoU on behalf of the respective firms.

Under the MoU, the group of five companies will consider joint venture projects and areas of cooperation for green energy initiatives. Companies will also establish a joint fund to raise equity for hydrogen projects. As a first step, feasibility will be conducted to formally...