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Business & Finance

MPCL enters into JV Agreement for Potential Mining Projects in Balochistan

  • “As part of its long term growth strategy, MPCL is evaluating multiple opportunities in nearcore and non-core sectors to diversify its business including mineral exploration in the prospective areas of the country,” it added.
24 Nov 2020

The Mari Petroleum Company Limited (MPCL) has entered into a joint venture arrangement with a number of companies to undertake potential mining projects in the Province of Balochistan.

As per the company, 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 percent equity share in NRL,” informed MPCL in a statement.

The company further said that 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).

“As part of its long term growth strategy, MPCL is evaluating multiple opportunities in nearcore and non-core sectors to diversify its business including mineral exploration in the prospective areas of the country,” it added.

It is pertinent to note that formerly known as Mari Gas Company Limited. MPCL is primarily an exploration and production company in the upstream segment of the petroleum industry with the principal business activities of oil and gas exploration, drilling, field development, production and distribution of hydrocarbons like natural gas, crude oil, condensate and LPG.