Foreign, local companies eager to invest in Pakistan's gas sector
- By Web Desk -
- Apr 23, 2019
ISLAMABAD: The All Pakistan Compressed Natural Gas Association (APCNGA) on Monday said that nearly 20 multinational and local firms are keen to invest in the country’s gas sector.
The companies who have showed interest include ExxonMobil, Mitsubishi, Trafigura, Eni of Italy, Vito, Gunvor Group, Petronas Global, and Qatargas. Moreover, local companies include Associated Group, Sapphire Group, Energas, Halmore, Engro Energy, and Bahria Foundation, APCNGA Central Leader Ghiyas Paracha said.
In a statement issued on Monday, Paracha said that local and foreign investment in the gas sector will help the government save over $1 billion in oil import bill. It will further provide affordable gas and electricity to domestic, commercial and industrial consumers and ensure smooth supplies.
The investments have the potential to give a new lease of life to the industrial, commercial and CNG sectors of the country, the statement added.
The central leader of the association also stated that private investment will help curbing corruption while creating a productive competition among all stakeholders including consumes and gas distribution companies.
Paracha said few of aforementioned companies were already working in Pakistan, but they require government’s approval to expand their operations.