PPL Signs Joint Venture Agreement with FWO in Mining Sector

PPL Signs Joint Venture Agreement with FWO in Mining Sector

PPL FWO sign agreement to explore and develop mineral resources in EL 207
PPL FWO sign agreement to explore and develop mineral resources in EL 207 Balochistan

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 Palekar 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.