MPCL approves Rs10 billion investment in tech subsidiary 

The Board of Directors of Mari Petroleum Company Limited (MPCL), one of Pakistan’s largest E&P firms, has approved an investment of Rs10 billion in the proposed wholly-owned tech subsidiary by way of equity. 

The board made this decision during a meeting on September 23, 2024, the company said in a stock filing on Tuesday.  

Earlier, on August 8, MPCL said in a stock notice that it was looking to step into the Information Technology (IT) sector by forming a subsidiary focusing on cloud computing and artificial intelligence (AI).

“The Board of Directors of the company has approved the formation of a subsidiary with a focus on Cloud Computing and AI,” it said.

 MPCL said its subsidiary will be established with a focus on data centres, cloud computing, artificial intelligence, and other new technologies including petroleum and mining sectors.