November 24, 2020 (MLN): Mari Petroleum Company Limited (MPCL) has entered into an agreement with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited pertaining to a joint venture arrangement through a company (National Resources (Private) Limited (NRL)) to potentially undertake mineral mining projects in the Province of Balochistan.
As per the company’s notice to PSX, these projects will involve, inter alia, exploration, survey, extraction, excavation, mining and sale of produced minerals. MPCL, in the initial stages will acquire approximately up to 20% equity share in NRL.
The abovementioned joint venture is subject to necessary regulatory approvals from relevant authorities, including clearance from the Competition Commission of Pakistan, under the Competition Act, 2010 and in due course, grant of necessary license(s) and lease(s).
As part of its long-term growth strategy, MPCL is evaluating multiple opportunities in near-core and non-core sectors to diversify its business including mineral exploration in the prospective areas of the Country, the notice revealed.
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