Mari Energies Limited (PSX: MARI) has rejected allegations that it wrongfully terminated its Gas Sale and Purchase Agreement (GSPA) with Singapore-headquartered Petrosin CNG (Pvt.) Limited.
It told PSX today that the decision was made in accordance with the contract and applicable legal requirements.
In a clarification, Mari Energies stated that the GSPA required Petrosin to hold a valid operating licence and claimed that the company did not possess a valid licence when the agreement was terminated.
The E&P company further said its position has consistently been upheld by Pakistani courts and that no adverse order has been passed against it. It added that its stance in the relevant legal proceedings is already part of the public record.
Referring to the ongoing arbitration, Mari Energies said the proceedings are confidential and expressed confidence that its position will be upheld.
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