ISLAMABAD, March 7: A record investment of $250 million has been made in businesses related to Compressed Natural Gas (CNG) in a short span of time. This was stated by Federal Minister for Petroleum and Natural Resources Chaudhry Nouraiz Shakoor while speaking at the concluding session of a two-day conference on promotion of CNG as an alternative fuel.

He said the government had completed homework for presenting a case to the cabinet for converting diesel vehicles to CNG-run and hopefully a decision would be made shortly.

He said necessary deliberations had been finalized to present the case before the Economic Coordination Committee (ECC). The minister said the government was promoting CNG to curtail the $3.5 billion import of petroleum products "which is a major source of revenue drainage".

Mr Shakoor assured the CNG industrialists that he would support their case at the ministry of finance regarding extension in the validity of the SRO, which would expire on June 30, 2004.

The SRO is about the exemption from import duty of CNG kits and cylinders. Secretary petroleum Abdullah Yusuf said the government was extending all-out help and cooperation to the prospective investors to boost the CNG industry.

The conference was organized by the National Forum for Environment and Health in collaboration with Pakistan State Oil, Sui Southern Gas Company, Hydrocarbons Development Institute of Pakistan, CNG Station Owners Association of Pakistan, Grieves Pakistan, and Faber Industries of Italy.