KARACHI: Mari Energies Limited has rejected allegations that it wrongfully terminated its Gas Sale and Purchase Agreement (GSPA) with Petrosin CNG (Pvt) Ltd, stating that its position has consistently been upheld by Pakistani courts and that the ongoing arbitration proceedings remain confidential.
In a notice submitted to the Pakistan Stock Exchange (PSX) on Tuesday, the exploration and production (E&P) company issued the clarification in response to recent media reports regarding the termination of the agreement and the related proceedings before the International Chamber of Commerce (ICC).
“Mari Energies Limited categorically denies any allegations that the GSPA with Petrosin was wrongly terminated,” the company said.
It explained that the agreement required Petrosin to hold a valid operating licence and maintained that the company did not possess a valid licence on the date the GSPA was terminated.
Mari Energies further stated that its legal position has been consistently upheld by Pakistani courts and that no adverse court order is currently in effect against the company.
“The stance taken by Mari Energies in the relevant court proceedings is already a matter of public record,” the company said, adding that the pending ICC arbitration proceedings are confidential in nature.
The company expressed confidence that its position would ultimately be upheld in the arbitration process.
Mari Energies is one of Pakistan’s largest integrated oil and gas exploration and production companies, with an exploration success rate of around 70 percent, significantly higher than the national industry average of approximately 33 percent and the global average of 14 percent.
Its major customers include fertiliser manufacturers, power generation companies, gas distribution companies, and petroleum refineries.
