Key Takeaways
- Mari Energies Limited rejects allegations of wrongful termination.
- Company claims decision was made according to contract and legal requirements.
- Petrosin CNG (Pvt.) Limited is accused of not holding a valid operating licence.
Mari Energies Limited, listed on the Pakistan Stock Exchange under ticker PSX: MARI, has issued a statement rejecting allegations that it wrongfully terminated its Gas Sale and Purchase Agreement (GSPA) with Singapore-headquartered Petrosin CNG (Pvt.) Limited. The company maintains that its decision was in line with both the contract terms and applicable legal requirements.
In a clarification to the Pakistan Stock Exchange, Mari Energies stated that the GSPA required Petrosin to hold a valid operating licence. It claimed that when the agreement was terminated, Petrosin did not possess such a licence. The company further emphasized its consistent stance in relevant legal proceedings and noted that no adverse order has been passed against it.
Mari Energies also highlighted that its position in these legal matters is already part of public record. In reference to ongoing arbitration proceedings, the company stated that these are confidential but expressed confidence in its position being upheld by the courts.
The dispute centers around a $19 million lawsuit filed by Petrosin CNG against Mari Energies. The Singapore-based firm alleges that it was wrongfully terminated from the GSPA and seeks compensation for alleged losses incurred as a result of this termination.
Mari Energies has consistently maintained its position, stating that all actions taken were in accordance with contractual obligations and legal requirements. The company's spokesperson added: 'Our decision to terminate the agreement was made after thorough review and due diligence, ensuring compliance with both our internal policies and external regulations.'
The statement from Mari Energies comes as the company faces increasing scrutiny over its business practices and legal standing in Pakistan’s energy sector. Analysts have noted that such disputes can significantly impact a company's reputation and financial performance.
For Petrosin CNG, the lawsuit represents a significant challenge to its operations in Pakistan. The Singapore-based firm has not commented on the matter publicly but is expected to present its case during ongoing arbitration proceedings.
'Our decision to terminate the agreement was made after thorough review and due diligence, ensuring compliance with both our internal policies and external regulations.'
Mari Energies spokesperson, Company spokesperson
