By Hifsa Raja ISLAMABAD, April 18 (INP-WealthPK): Oracle Power has entered into a joint venture agreement with Kaheel Energy to work on the production of green hydrogen in Pakistan, reports WealthPK. The joint venture will bring huge investments to Pakistan. Under the agreement, Kaheel Energy will provide 70% and Oracle 30% of the funding for the project. Naheed Memon, CEO of Oracle, commented: "This is a hugely significant development for Oracle and provides a route to establish a ground-breaking green hydrogen project in Pakistan. As shareholders will be aware, the Oracle team has been working hard over the past six months to create a framework and an investment path to bring this revolutionary green hydrogen technology to Pakistan. This joint venture is a landmark development in bringing this objective to fruition.’’ Naheed said she looked forward to such joint ventures because this is how the two parties will bring together their strengths to work for completion of the task. "The parties involved will use their combined industry influence, and further build their technical expertise, to move the project forward apace. Importantly, this joint venture structure materially de-risks the development process for Oracle Power shareholders whilst ensuring we maintain exposure to this potentially highly valuable initiative,’’ said Naheed. She explained that the project was facing certain issues related to green energy and green hydrogen technology because it was an emerging form of technology through which green fuel was prepared. But providing solutions to these issues is necessary for the fuel security. Parties in the joint venture are determined to complete the project in Pakistan as green hydrogen technology will be used for commercial purposes. Abdul Raab Khan, Director of the Oil and Gas Regulatory Authority, told WealthPK that governments from around the world are taking steps and spending on projects involving renewable energy. According to an analysis, large-scale projects have been started for the production of green hydrogen. Green hydrogen projects have been planned by different governments. Asian Renewable Energy Hub is using renewable energy for the production of green hydrogen. Japan and Korea have also shown a strong will to shift to clean hydrogen in the coming years. Raab told WealthPK that such joint ventures will create skilled high-tech jobs, result in technology and knowledge transfer and diversify the economy of Pakistan. This joint venture will help Pakistan to decarbonize its economy and maintain energy security. The joint venture structure is intended to provide a vehicle to support the accelerated development of the project to meet the growing international and domestic demand for green hydrogen and clean energy. At the same time, this structure will significantly mitigate the early-stage development risk and funding requirement for the project.