Mari Energies Limited and Ghani Chemical Industries Ltd (GCIL) have formally entered into a joint venture to establish Pakistan’s first project dedicated to capturing and processing cold-vent and exhaust gas from the Sachal Gas Processing Complex (SGPC) in Daharki, the two companies informed the Pakistan Stock Exchange (PSX) on Thursday.
In separate filings, both firms confirmed the execution of a Joint Venture Agreement on November 19. Mari Energies said the project aims to recover hydrocarbons from SGPC’s exhaust stream for conversion into “liquified natural gas (LNG) as well as industrial and food grade carbon dioxide (CO₂).”
Mari will hold a 51% equity stake in the project company, with GCIL owning 49%.
GCIL’s board, in its notification, described the initiative as the first project of its kind in Pakistan, noting that it will produce 80,000 tonnes of LNG and 55,000 tonnes of industrial and food-grade CO₂ per year. The total project cost is estimated at Rs14 billion, with a significant portion to be financed through supplier credit. Annual revenue is projected at around Rs17 billion.
Mari Energies said the project would help reduce greenhouse gas emissions while generating commercial value. GCIL added that its chief executive, Hafiz Farooq Ahmad, will serve as the first CEO of the newly formed project company.
Both companies asked the exchange to circulate the information to TRE certificate holders in line with disclosure requirements.
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