Key Takeaways
- Mari Energies has rejected allegations that it wrongfully terminated its Gas Sale and Purchase Agreement with Petrosin CNG.
- The company's position has been consistently upheld by Pakistani courts, according to a statement.
- Pending ICC arbitration proceedings are confidential in nature.
Mari Energies Limited, one of Pakistan’s largest oil and gas exploration and production (E&P) companies, has categorically denied any allegations that it had wrongfully terminated its Gas Sale and Purchase Agreement (GSPA) with Petrosin CNG (Pvt) Ltd. The company disclosed this in a notice to the Pakistan Stock Exchange (PSX).
In response to recent media reports concerning the termination of the GSPA, Mari Energies stated that it had consistently maintained its position through court proceedings and that no adverse order against it is presently in effect.
The company clarified that the GSPA required Petrosin CNG to have a valid license, which was not present on the date the agreement was terminated. 'MariEnergies Limited categorically denies any allegations that the GSPA with Petrosin was wrongly terminated,' stated MARI in its official notice.
Mari Energies is an integrated E&P company known for its high exploration success rate of around 70%, significantly higher than industry averages nationally and internationally, which stand at approximately 33% and 14% respectively. The company’s key customers include fertiliser manufacturers, power generation companies, gas distribution companies, and refineries.
The statement from Mari Energies also highlighted that its position has been consistently upheld by Pakistani courts, adding: 'The stance taken by MariEnergies in the relevant court proceedings is already a matter of public record.'
Furthermore, the company emphasized that pending ICC arbitration proceedings are confidential. 'MariEnergies remains confident that it will be vindicated in these proceedings,' concluded MARI.
Mari Energies Limited operates as an integrated oil and gas exploration and production company with significant operations in Pakistan’s energy sector.
