Data Centers, Cloud Computing, AI: Mari Petroleum to Invest Rs10 Bn in New Subsidiary.

Mari Petroleum Company Limited (MARI), one of Pakistan’s largest exploration and production companies, has approved a Rs10 billion (approximately $36 million) investment to establish a wholly-owned subsidiary focused on technology-driven ventures. The announcement was made in a notice to the Pakistan Stock Exchange (PSX) this month.
During an emergent board meeting on September 23, 2024, the board approved this significant investment aimed at developing capabilities in areas such as data centers, cloud computing, artificial intelligence (AI), and other new technologies, particularly in the petroleum and mining sectors.
This move follows the board’s prior decision to create a subsidiary concentrating on cloud computing and AI, signaling MARI’s growing interest in the rapidly evolving tech sector. The initiative aligns with the burgeoning IT industry in Pakistan, which has seen IT and IT-enabled services (ITeS) export remittances soar to a record $3.223 billion in the fiscal year 2023-24, marking a 24% increase from $2.596 billion in the previous year.
In FY2024, MARI reported a profit-after-tax (PAT) of Rs77.28 billion, up nearly 38% year-on-year from Rs56.13 billion the previous year. The board also announced a final cash dividend of Rs134 per share, equating to a 1,340% return, along with an 800% bonus share issuance (eight shares for every one share held) sourced from the Capital Redemption Reserve Fund and Revenue Reserves.
In a previous notice accompanying its financial results, MARI revealed its initial foray into the IT sector with the formation of a subsidiary dedicated to cloud computing and AI. The recent developments come amid the government’s approval of a five-year extension for the Mari D&P lease, which now extends the company’s rights until November 2029, alongside an additional payment based on wellhead value.
The company stated that the amendments to the Petroleum Policy 2012 now allow the lease extension as long as field production remains commercially viable. The issuance of bonus shares reflects MARI’s robust balance sheet and commitment to growth and diversification.n