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April 23, 2019

20 foreign, local companies eager to invest in gas sector

Islamabad

April 23, 2019

Islamabad 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 which should be welcomed.

These companies are inclined to invest in 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 environment, end energy crisis and tame down circular debt, said Ghiyas Paracha, central leader of the APCNGA.

In a statement issued here today, he said that local and foreign investment in the gas sector will 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 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 provide relief to consumers by reducing corruption while competition will benefit all stakeholders including consumes and gas distribution companies. 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 that are 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 informed. 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 government’s approval to expand their operations.

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