LAHORE: Government has green-signaled a private company to import liquefied natural gas (LNG) in a bid to overcome the energy crisis in the country.
The Oil and Gas Regulatory Authority (Ogra) issued licence to the Universal Gas Distribution Company for the import and sale of LNG to consumers after the completion of legal process in 19 months, Chairman Ghiyas Abdullah Paracha of All Pakistan CNG Association, and UGDC Chairman Iftikhar Ahmed told media on Wednesday.
They said this will promote investment and improve confidence of investors, which will help in taming energy crisis.
The Ogra also vetted legal framework and conducted public hearings and third party audit before approval and now UGDC can import LNG or buy it from any government or private entity to sell it to consumers.
The business leaders said this is first-ever attempt by a sinking industry to bail out itself which will become a case study in the business schools around the world. They said thousands of closed CNG stations in Punjab will be uninterruptedly supplied gas through the network of Sui companies.
