KARACHI: Mari Petroleum said on Thursday it would form a consortium with three other companies to set up a new entity with the specific aim to take advantage of new licencing opportunities for the exploration, development and production of oil and gas in Abu Dhabi.

Along with Pakistan Petroleum, Oil and Gas Development Company and Government Holdings Ltd, Mari Petroleum will incorporate the special purpose vehicle (SPV) in either Pakistan or Abu Dhabi Global Market, a financial free zone located in the capital of the United Arab Emirates. Each member of the consortium will have a 25 per cent shareholding in the new company, it said in a public notice published by the Pakistan Stock Exchange (PSX).

The consortium has submitted a bid for one of the blocks offered in the Abu Dhabi Bid Round 2019. According to Abu Dhabi National Oil Company (ADNOC), five blocks have been announced for commercially competitive bidding in this round. Three of these blocks are offshore and two are onshore.

Cherat greenfield clinker plant okayed

The Board of Directors of Cherat Cement Company Limited (CCCL) on Thursday approved the installation of Rs34 billion greenfield cement plant at Dera Ismail Khan in Khyber Pakhtunkhwa.

In a stock filing at the Pakistan Stock Exchange, CCCL said the plant in DI Khan will have an installed production capacity of 11,000 tonnes per day of clinker.

BGL’s second furnace begins production

Balochistan Glass Ltd (BGL) has successfully fired/ignited the newly refurbished second furnace at Unit-III at Kot Abdul Malik, Lahore. The commercial production had started from the furnace having capacity of 65 tonnes per day, the company informed the PSX on Thursday.

Published in Dawn, June 25th, 2021