Joint Venture to be struck between Pakistan and Iran
A recent report issued to its investors from the Pakistan Petroleum Limited has announced that the oil and gas production company is looking to begin a joint venture with a few companies in Iran.
The secretary continued to state that “PPL” has long since been considering and analyzing the potential of investing into the crude oil and gas sector in Iran. After much thought, the company has decided that such an investment can only enhance both our governmental and business relationships.”
Reports indicate that Iran currently holds on its territories the third largest crude oil reserve in the world, as well as second largest gas reserves. With the nation’s proven crude oil stocks being estimated at 137.6 billion barrels, the relationship could prove to be more than beneficial.
Only in June of 2011, a further crude oil discovery was made in the fields of South Pars in the Persian Gulf. This recent exploration will likely bolster the nation’s overall crude oil reserves by a billion barrels at the very least.
However, the potential partnership between the two nations has not been met with universal support. BMA Capital’s Mohammad Ali expressed his distaste and doubt for the relationship, stating that “Such talks have been breached before with little to show for it.”
Yet, the mutually beneficial factors that will permeate the relationship it is materialized are clear. While Iran has plenty of crude oil and gas reserves to trade, they lack the newest technology in exploration and processing, a flaw that the geologically-advanced PPL can amend quite easily.
Representatives from both sides have remained enthusiastic over the future and have also expressed hopes that the remaining nations of the Arab world would unite in such mutually and personally wealthy contracts.