KARACHI: Mari Petroleum Company Ltd disclosed to the PSX that the company (MPCL) was entering into a joint venture arrangement for potential mining projects in Balochistan.

Giving out the details under Sec 96 of the Securities Act, 2015, Mari said that subsequent to the board’s approval, the company had entered into an agreement with Y. B. Pakistan Ltd, Arif Habib Equity (Private) Ltd, Liberty Mills Ltd and Reliance Commodities (Private) Ltd pertaining to a joint venture agreement through a company (National Resource (Private) Ltd to potentially undertake mineral mining projects in Balochistan.

“These projects will involve, inter alia, exploration, survey, extraction, excavation, mining and sale of produced minerals,” the company said in the notice.

The company observed that initially it would acquire approximately up to 20pc equity shares in National Resources Ltd.

Mari stated that the above mentioned joint venture was 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 licence(s) and lease(s).

Published in Dawn, November 25th, 2020