UGDC awarded li­cense for im­port, dis­tri­bu­tion of gas

The Pak Banker - - NATIONAL -

His­tory was made on Wed­nes­day as for the very first time Govern­ment has al­lowed pri­vate sec­tor to im­port and pur­chase gas for on­ward sale to con­sumers in any part of the coun­try.

Govern­ment has is­sued li­cence for im­port and sale of LNG to Uni­ver­sal Gas Dis­tri­bu­tion Com­pany (UGDC) af­ter all the le­gal process that took nine­teen months. Oil and Gas Reg­u­la­tory Au­thor­ity (Ogra) also vet­ted le­gal frame­work, con­ducted pub­lic hear­ings and con­ducted 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.

Speak­ing to me­dia Chair­man UGDC Brig. Iftikhar Ahmed (Retd) and CEO Ghiyas Paracha said that the govern­ment de­ci­sion is only one if its kind which will pro­mote in­vest­ment and im­prove con­fi­dence of in­vestors which will help tame en­ergy cri­sis. They said that this is firstever at­tempt by a sink­ing in­dus­try to bailout it­self which will be­come a cases study in the busi­ness schools around the world.

Thou­sands of closed CNG sta­tions in Pun­jab would be pre­ferred for un­in­ter­rupted sup­ply gas through net­work of Sui com­pa­nies ac­cord­ing to ex­ist­ing rules and regulation which will be thirty per­cent cheaper than petrol, they in­formed. Brig. Iftikhar and Ghiyas Paracha said that the move will re­duce oil im­port bill, cut ur­ban pol­lu­tion, pro­vide jobs to many and bailout the sink­ing CNG in­dus­try in which peo­ple have in­vested over Rs 350 bil­lion.

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