Karachi: In a significant development for economic cooperation, Turkey and Pakistan have reached another encouraging agreement related to taxes on oil and gas. During talks held in Pakistan, representatives from both countries finalized the discussions.
According to the agreement, Turkey will provide technical assistance and support in the setup of infrastructure to explore oil and gas resources in offshore indus block-C.
Pakistan Petroleum Limited has sent a letter in this regard to Pakistan Stock Exchange and informed that it has sold its 25 percent shares to Turkey’s petroleum overseas.
It is pertinent to mention here that the project will be completed with 35 percent shares of PPL, 20 percent of the Oil and Gas Development Company and 20 percent of Mari Petroleum.
While detailed specifics have not been released, initial reports suggest that the first phase will be completed by the end of this year. During this phase, Pakistan’s technical team will play a key role in the activities.
It has been indicated that, in this agreement, Pakistan will benefit from the experience and success level of Turkey.
