Mari Energies Limited (PSX: MARI) has firmly rejected allegations surrounding a $19 million lawsuit filed by Singapore-based Petrosin CNG (Pvt.) Limited, stating that its decision to terminate the Gas Sale and Purchase Agreement (GSPA) was fully compliant with contractual obligations and applicable laws.
The clarification was issued through a notification submitted to the Pakistan Stock Exchange (PSX), where the company addressed concerns raised by investors and stakeholders regarding the legal dispute.
According to Mari Energies, the termination of the Gas Sale and Purchase Agreement was carried out strictly in line with the provisions outlined in the contract. The company emphasized that all relevant legal and contractual requirements were followed before ending the agreement.
The dispute emerged after Singapore-headquartered Petrosin CNG initiated legal proceedings, reportedly seeking damages of $19 million. However, Mari Energies has denied any wrongdoing and maintains that its actions were justified under the terms agreed upon by both parties.
In its communication to the Pakistan Stock Exchange, the company reaffirmed its commitment to transparency and regulatory compliance. Mari Energies stated that it remains confident in the legal basis of its decision and intends to defend its position through the appropriate legal process.
Legal disputes involving commercial contracts are not uncommon in the energy industry, particularly in agreements related to the supply and purchase of natural gas. Such contracts often contain detailed provisions governing termination rights, dispute resolution mechanisms, and the responsibilities of each party under changing commercial or operational circumstances.
For publicly listed companies like Mari Energies, timely disclosure of material legal developments is an important requirement under stock exchange regulations. Informing investors through official channels helps maintain market transparency and ensures shareholders receive accurate information regarding events that may influence business operations.
Despite the ongoing legal proceedings, the company has not indicated that the lawsuit is expected to disrupt its day-to-day operations. Investors will likely continue monitoring the case as it progresses, while awaiting any further updates from the courts or official company disclosures.
Mari Energies is one of Pakistan’s leading energy companies, with operations focused on the exploration and production of oil and natural gas. The company plays a significant role in supporting the country’s energy security through the development of domestic hydrocarbon resources.
The outcome of the legal dispute will depend on judicial proceedings and any future developments between the two parties. Until then, Mari Energies has reiterated that its termination of the Gas Sale and Purchase Agreement was lawful, contractually justified, and consistent with applicable legal requirements.
