Over 20 companies seek to invest in gas sector: APCNGA

PESHAWAR: The All Pakistan CNG Association (APCNGA) on Monday said over 20 multinational and local companies were keen on investing billions in the gas sector of Pakistan.

Ghiyas Paracha, the central leader of the APCNGA, in a statement said that these companies were inclined to invest in the construction of new gas terminals, gas supply to consumers and laying down new gas pipelines. The gesture of these companies should be welcomed in a befitting manner, he added.

"This will reduce the price of electricity and gas, improve the environment, end energy crisis and tame down circular debt," said Ghiyas Paracha. He said that local and foreign investment in the gas sector would help the government save over one billion dollars in oil import bill, provide affordable gas and electricity to domestic, commercial and industrial consumers and ensure smooth supplies.

Ghiyas Paracha said that the investment would provide a new lease of life to the industrial, commercial and CNG sectors, job opportunities will increase, while the government will earn handsome revenue.

It will provide relief to consumers by reducing corruption while competition will benefit all stakeholders including consumes and gas distribution companies, Paracha further said. The working and profit of SSGC and SNGPL 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.

The multinationals interested in investment in Pakistan's gas sector include ExxonMobil, Mitsubishi, Trafigura, Eni of Italy, Vito, Gunvor Group, Petronas Global, and Qatargas while some of these corporations are in constant contact with the APCNGA, he added.

The local companies include Associated Group, Sapphire Group, Energas, Halmore, Engro Energy, and Bahria Foundation, he added. The leader of the CNG sector said that some of these companies are already working in the country but they need the government's approval to expand their operations.