Mari Energies Fires Back In $19 Million Gas Dispute

ISLAMABAD: Mari Energies Limited pushed back Monday against claims that it wrongfully cut off a gas supply deal, telling the Pakistan Stock Exchange it terminated the contract strictly by the book and that Pakistani courts have backed that position so far.

The company responds directly to news coverage of the termination of a Gas Sale and Purchase Agreement with Petrosin CNG (Pvt) Limited and the international arbitration that followed.

Mari Energies Gas Dispute

The dispute traces back to a 2022 agreement covering gas supply from the Halini Production Field. Under its terms, the contract was to run for as long as gas remained available, provided Petrosin held up its end of the deal. Mari Energies issued a termination notice on May 27, 2025. Petrosin, a Singapore-headquartered firm, disputed that move and has since taken the case to the International Chamber of Commerce, seeking $19.1 million in damages plus arbitration costs, with the case seated in London.

Mari Energies' position, laid out in its PSX filing, rests on one specific claim: Petrosin did not hold a valid operating licence on the date the GSPA was terminated, and the agreement required one. The company called any suggestion of wrongful termination categorically false.

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The corporate dispute has already run through Pakistan's courts once. Petrosin sought interim relief and later filed an enforcement petition, which the Islamabad High Court dismissed. A single bench of the same court ruled against Petrosin again in a judgment dated January 14, 2026, prompting Petrosin to file a civil petition for leave to appeal before the Supreme Court under Article 185(3) of the Constitution. Mari Energies said Monday that no adverse order currently stands against it in any of these proceedings, and that its legal position is already part of the public record.

On the arbitration itself, the company said little by design. ICC proceedings are confidential, and Mari Energies' filing stopped at expressing confidence it will be vindicated once the tribunal rules, without detailing its defence strategy.

Mari Energies is one of Pakistan's largest upstream oil and gas producers, roughly 40 percent owned by the Fauji Foundation, and its stock trades on the PSX under the ticker MARI. A $19.1 million claim is a modest sum against a company of that scale, but arbitration outcomes carry weight beyond the dollar figure a loss would mark the first real dent in Mari Energies' otherwise clean run through Pakistan's domestic courts on this dispute.

For now, the case sits exactly where international commercial disputes like this typically sit: a London tribunal weighing confidential submissions, a company publicly betting on vindication, and a Pakistani stock exchange filing that settles nothing except what each side is willing to say in public.