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.
According to an announcement from Mari Petroleum Co Ltd, it has entered into an agreement with Yunus Brothers Group, Arif Habib Group, Liberty Mills Limited, and Reliance Commodities (Private) Limited for a joint venture through a separate company “National Resources (Private) Limited (NRL)” to undertake mineral mining projects in the Province of Balochistan.
MPCL further announced 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).
Mari Petroleum is primarily an Oil and Gas exploration company in petroleum industry with the principal business activities of oil and gas exploration, drilling, field development, production and distribution of natural gas, crude oil, condensate and LPG.
The Joint Venture seek to benefit from many Investment Opportunities in the Province of Balochistan specially through mining of Gold and Copper Mines. Balochistan Province is endowed with vast reserves of Gold, Copper and other minerals. However, lack of expertise from Government has never led to full extraction of the same. The new joint venture seek to bring foreign expertise in the mining project to reap the benefit. However, the project seem to be bit far in the future as necessary approvals and setup of machinery is expected to take time somewhere between 5 to 10 years.
Latest posts by News Desk (see all)
- EU includes 5 new conventions in 10-year GSP+ scheme - November 25, 2021
- Govt to exempt Income taxes of REIT SPVs - November 25, 2021
- Fruit Exports increased by 21 percent in October - November 25, 2021