ISLAMABAD: Habib Bank Ltd (HBL) has been mandated to arrange project financing for GHG Emissions Mitigation Ltd (GEM), a joint venture between Mari Energies Ltd and Ghani Chemical Industries Ltd, as Pakistan steps up efforts to curb emissions.
The project will be funded through a mix of sponsor equity and debt arranged by HBL, the bank said in a statement.GEM plans to cut methane emissions at the Sachal Gas Processing Complex in the Mari field, Sindh, by capturing hydrocarbons from exhaust gas and converting them into liquefied natural gas, as well as industrial- and food-grade carbon dioxide.
The mandate was awarded at a ceremony in Islamabad on March 31 attended by senior executives from HBL, Mari Energies and Ghani Chemical Industries.
