Ghani Chemical Industries Limited (GCIL) has entered into a Gas Sales and Purchase Agreement (GSPA) with Mari Energies Limited and Oil and Gas Development Company Limited (OGDCL) for the supply of 3 million standard cubic feet per day (MMSCFD) of natural gas from the Maiwand-X1 discovery in Block-28, Kohlu, Balochistan.
According to a company disclosure to the Pakistan Stock Exchange (PSX) on Monday, the gas will be supplied during the Extended Well Testing (EWT) period.
“Ghani Chemical Industries Limited (GCIL/the Company), Mari Energies Limited (formerly Mari Petroleum Company Limited) and Oil and Gas Development Company Limited have entered into a Gas Sales & Purchase Agreement (GSPA) for the supply of 3 MMSCFD natural gas during EWT (extended well testing) period from Maiwand-X1 discovery made in Block-28, which is located in District Kohlu, Balochistan,” read the notification submitted to the PSX.
The agreement is expected to improve GCIL’s energy efficiency while also enabling the company to market and sell gas to industrial units across Pakistan.
Additionally, GCIL plans to establish a gas processing facility in the area to refine the gas before distribution to potential customers. The company anticipates that the gas sales will generate over PKR 3.5 billion annually, further strengthening its financial position.
GCIL was incorporated in Pakistan as a private limited company on November 23, 2015 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) and was converted into a public limited company on April 20, 2017.
The company is principally engaged in manufacturing, sale and trading of medical and industrial gases and chemicals.
