Islamabad : Mari Energies Limited (“MariEnergies”), a Pakistan’s leading exploration and production company (E&P) has categorically denied any allegations that its Gas Sale and Purchase Agreement (“GSPA”) with Petrosin CNG (Pvt) Limited (“Petrosin”) was wrongly terminated. It is a matter of record that the GSPA required Petrosin to have a valid license and that Petrosin did not have a valid license on the date the GSPA was terminated.
Clarifying its position in the matter , MariEnergies’ in its statement noted its position has been consistently upheld by Pakistani courts and no adverse order against it is presently in the field. The stance taken by MariEnergies in the relevant court proceedings is already a matter of public record.
The statement said “Pending arbitration proceedings are confidential in nature, and hence it would not be appropriate for MariEnergies to comment on their merits. MariEnergies has full faith in the arbitral process and remains confident that it will be vindicated in these proceedings as well”.
According to some media reports, Petrosin CNG (PVT) has filed a law suit with International Chamber of Commerce (ICC) for a $ 19.1 million damage. Petrosin CNG (PVT) Limited has made termination of GSPA by Mari Energies a ground for filing the law suit and seeking $ 19.1 million damage claim.