Ghani Chemical Industries Limited (PSX: GCIL), Mari Energies Limited (formerly Mari Petroleum Company Limited) and Oil and Gas Development Company Limited IPSX: OGDC) have entered into a Gas Sales & Purchase Agreement (GSPA).
The agreement is for the supply of 3 MMSCFD natural gas during the EWT (extended well testing) period from the Maiwand-X1 discovery made in Block-28 which is located in District Kohlu, Baluchistan, GCIL said in a stock filing on Monday.
The said gas supply will allow GCIL, not only to achieve significant efficiencies in its energy costs but also enable the Company to market/sell gas to industrial units all over the country.
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 Rs. 3.5 billion per annum, the filing added.