PPL is seeking Joint venture with Iranian oil companies

PPL is seeking Joint venture with Iranian oil companies

According to KSE notices, PPL is seriously considering Joint venture operation in oil and gas exploration sector of Iran with Iranian oil companies (Joint venture will lead stake in different blocks of Pakistan and Iran). Company is evaluating different options in oil and exploration sector. However, company has not finalized any agreement with Iranian oil companies. If any contract finalized between PPL and Iranian oil companies it will have huge positive impact on PPL as Iran have huge oil and gas reserves.

We maintain our Buy stance on PPL with target price of PKR 259/share.

Thanks and Best Regards,

Research Department

Phone : 0092-21-35317703

Fax : 0092-21-5895328

M.M. Group of Companies

MM Tower, 3-C, Khayaban-e-Ittehad

Phase – II extension

D.H.A, Karachi