Islamabad, Pakistan – Feb 28, 2025 – Mari Energies Limited (formerly Mari Petroleum Company Limited), through its wholly owned subsidiary, Mari Minerals (Private) Limited (formerly Mari Mining Company (Pvt) Limited), is pleased to announce the signing of a Joint Venture Agreement (JVA) with IRH Mining RSC Ltd, Balochistan Mineral Resources Limited (BMRL) and the Government of Balochistan (GoB) for acquisition of 25% (less one share) interest in two Mineral Exploration Licenses, EL302 and EL303, located in Chagai, Balochistan.
The signing ceremony was witnessed by the Prime Minister of Pakistan, Muhammad Shehbaz Sharif and the Crown Prince of Abu Dhabi H.H. Sheikh Khaled bin Mohamed bin Zayed, on sidelines of their meeting held on 27th February 2025.
This acquisition marks a significant step in MariEnergies’ strategic expansion, reinforcing its commitment to diversifying into critical sectors, including Pakistan’s growing mineral resources industry. The partnership supports the sustainable growth of the country’s mining sector and contributes to Pakistan’s long-term economic development. Furthermore, this joint venture will bring substantial foreign direct investment (FDI) into Pakistan’s mineral sector, enhancing its global competitiveness.
Commenting on the occasion, Mr. Faheem Haider, Managing Director & CEO of MariEnergies, said, “This venture is a key step forward in Mari Energies’ strategy to diversify into near-core sectors. We are grateful for the support from the Government of Pakistan, the Government of Balochistan, SIFC, the relevant ministries, and our joint venture partners.”
Lt Gen Anwar Ali Hyder (Retd), Chairman of Mari Energies’ Board of Directors, also shared his appreciation: “I commend the dedication and hard work of Mari Energies’ team and our partners in making this milestone possible. We are thankful to the federal and provincial governments, as well as our joint venture partners, for their continuous support”.
Ali Al Rashdi, CEO of International Resources Holding, added, “Pakistan’s mineral sector holds immense potential, and we are honored to play a role in unlocking its value. This joint venture underscores our long-term commitment to investing in high-impact projects that drive sustainable economic growth, attract foreign investment, and create lasting value for local communities. We look forward to collaborating closely with our partners to ensure the success of this partnership and to strengthen the strategic economic ties between the UAE and Pakistan.”
This partnership further strengthens the growing bilateral ties between Pakistan and the UAE. The UAE has been a key investor in Pakistan, contributing significantly to the country’s economic recovery. The Crown Prince’s visit highlights the UAE’s ongoing commitment to strengthening economic relations, particularly in critical sectors such as mining.
MariEnergies remains committed to fostering sustainable growth and creating long-term value for its stakeholders while supporting Pakistan’s resource development. This joint venture will positively impact on the local economy and community in Balochistan, aligning with the company’s broader goals of building a diversified and sustainable energy and mineral portfolio.
Joint Venture Agreement with International Resource Holding Mining RSC Ltd (IRH) in Two Exploration Licenses in Chagai, Balochistan
