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April 23, 2019

Over 20 firms eager to invest in gas sector: APCNGA

Business

April 23, 2019

KARACHI: The All Pakistan CNG Association (APCNGA) on Monday said over 20 multinational and local companies are keen to invest billions in the gas sector of Pakistan.

These companies are inclined to invest in the construction of new gas terminals, gas supply to consumers and laying down new gas pipelines, it said.

This will reduce the price of electricity and gas, improve the environment, end energy crisis and tame down the circular debt, Ghiyas Paracha, central leader of the APCNGA, said in a statement. 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.

Paracha said that the investment will 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 also provide relief to the consumers by reducing corruption, while competition will benefit all stakeholders, including consumes and gas distribution companies, he added. The working and profit of Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Limited (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.

He also said the multinationals that are interested in investment in Pakistan’s gas sector included ExxonMobil, Mitsubishi, Trafigura, Eni of Italy, Vito, Gunvor Group, Petronas Global, and Qatargas, while some of these corporations are in constant contact with the All Pakistan CNG Association.

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

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