OGRA issued licenses to 21 OMCs in six months

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has issued fresh licenses to twenty-one oil marketing companies (OMCs) in the first six months of the current fiscal year.

According to a OGRA report, the new companies issued licences between July-December 2016 are expected to invest about Rs. 10.5 billion over the next three years to set up storage and filling stations in various parts of the country.

In addition, four licences were granted for development of new oil storage and terminals at different locations which will strengthern the oil supply infrastructure. Also, two lube oil blending plants and six lubricant marketing companies were granted licenses in the last six months.

The authority granted the licences to Best Petroleum, Oil Industries Pakistan, Accel Petroleum, Euro Oil, Oleum Petroleum, Al-Noor Petroleum, Damam Petroleum, Max Fuels, Fast Oil,  Hi-Tech Lubricants, Jinn Petroleum, Vital Petroleum, International Petrochemicals, Allied Petroleum, Only One Energy, Pak Gasoline Services, Shams Petroleum, Berkeley Oil and Gas Development, Taj Gasoline, My Petroleum and Terminal One.

The product marketing companies that were given permission to start marketing of petroleum products under three-year provisional licences include Horizon Oil Company, Petrowell, Kepler Petroleum, Outreach and Z&M Oils in their respective provinces and to introduce new players in marketing arena of petroleum products.

The four terminal licences issued to new companies include Hascol Terminals, Fauji Tarns Terminal, Hascol Petroleum for development of new oil storage and terminals at different locations.