Islamabad 28 July: Fatima Fertilizer Company Limited (PSX: FATIMA) has decided to fully acquire its subsidiary, Fatima Petroleum Company Limited, marking its foray into the oil and gas sector.
In a stock exchange filing, the company announced that its Board of Directors approved the purchase of 100% shares of Fatima Petroleum at face value. The move aligns with FATIMA’s strategy to diversify beyond its core fertilizer business.
Analysts say the acquisition could strengthen the company’s revenue streams amid fluctuating fertilizer demand. Further details on the transaction and future expansion plans are expected soon.
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Fatima Petroleum, has entered into farm-out agreements with Orient Petroleum Inc. to acquire working interests in three petroleum assets across Pakistan. These include:
- A 25 percent working interest in the Marwat Block in Khyber Pakhtunkhwa
- A 24 percent working interest in the Harnai South Block in Balochistan
- A 10.5 percent working interest in the Ratana Development and Production Lease in Punjab
The transactions are subject to regulatory clearances, government approvals, and execution of deeds of assignment.
