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Foreign, local companies eager to invest in gas sector

Updated April 23, 2019

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Foreign investment in the sector could help reduce the price of electricity and gas, improve the environment, end energy crisis and tame down circular debt, said the APCNGA central leader. ─ File photo
Foreign investment in the sector could help reduce the price of electricity and gas, improve the environment, end energy crisis and tame down circular debt, said the APCNGA central leader. ─ File photo

ISLAMABAD: The All Pakistan CNG Association (APCNGA) on Monday said that around twenty multinational and local companies are keen to invest in the country’s gas sector.

The companies keen to invest in the country’s gas sector include ExxonMobil, Mitsubishi, Trafigura, Eni of Italy, Vito, Gunvor Group, Petronas Global, and Qatargas. Moreover, local companies include Associated Group, Sapphire Group, Energas, Halmore, Engro Energy, and Bahria Foundation, APCNGA Central Leader Ghiyas Paracha said.

He said that foreign investment in the sector will help reduce the price of electricity and gas, improve the environment, end energy crisis and tame down circular debt, he said.

In a statement issued on Monday, Paracha said that local and foreign investment in the gas sector will help the government save over $1 billion in oil import bill, provide affordable gas and electricity to domestic, commercial and industrial consumers and ensure smooth supplies.

He hoped that the investment will provide a new lease of life to the industrial, commercial and CNG sectors. He said that the investments will also provide relief to consumers by reducing corruption while competition will benefit all stakeholders including consumes and gas distribution companies.

The working and profit of Sui Southern Gas Company and Sui Northern Gas Pipelines Ltd will improve, ports would be developed, the government would be able to cut subsidy in the energy sector and the constitutional issue of giving first preference to the province producing gas will be resolved.

Paracha said that some of these companies are already working in the country but they need government’s approval to expand their operations.

Published in Dawn, April 23rd, 2019