KARACHI: Mari Petroleum Company Limited (MPCL) is evaluating multiple opportunities in near core and non-core sectors with Balochistan government to diversify its business including mineral exploration in the prospective areas of the province.
Through a notice at Pakistan Stock Website, MPCL informed that subsequent to the Board’s approval, 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. 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 per cent equity share in NRL. The 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).