Ghani Chemical Industries Limited (GCIL), a manufacturer of medical and industrial gases and chemicals, has entered into a Gas Sales & Purchase Agreement (GSPA) with Pakistani E&Ps i.e. Mari Energies Limited and Oil and Gas Development Company Limited (OGDCL), for the supply of natural gas.
The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“Ghani Chemical Industries Limited (GCIL), Mari Energies Limited (formerly Mari Petroleum Company Limited) and OGDC have entered into a GSPA for supply of 3 mmscfd natural gas during EWT (extended well testing) period from Maiwand-X1 discovery made in Block-28 which is located in District Kohlu, Baluchistan,” read the notice.
The said gas supply will allow GCIL, not only to achieve significant efficiencies in its energy costs but enable it to market and sell gas to industrial units all over Pakistan, it said.
“GCIL plans to set up its own gas processing facility in the area to process gas before selling it to potential customers. The revenues from gas sales will further increase the company’s topline by more than Rs3.5 billion per annum,” the company added.
In February last year, Mari Energies discovered gas at the Maiwand X-I ST-1 exploration well in Block-28, Kohlu. Mari Energies operates Block-28 with a 95% working interest, while OGDCL holds a 5% carried working interest as a joint venture partner.
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