OGRA Vows Attracting Private Investment, Protecting Consumer Interest

The Oil and Gas Regulatory Authority (OGRA) Chairman Masroor Khan on Wednesday reiterated his commitment to attract private investment, provide level playing field to industry by promoting competition and protecting consumer interest by implementing OGRA Ordinance in its true letter and spirit

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th May, 2022 ) :The Oil and Gas Regulatory Authority (OGRA) Chairman Masroor Khan on Wednesday reiterated his commitment to attract private investment, provide level playing field to industry by promoting competition and protecting consumer interest by implementing OGRA Ordinance in its true letter and spirit.

Delivering a keynote speech, OGRA Chairman on the second day of 2nd Pakistan Energy Reform Summit, 2022, OGRA Chairman enlightened that Pakistan's multi-billion-dollar energy industry has tremendous investment opportunities for local as well as foreign investors and has shown commitment as regulator on improving "Ease of doing business in Pakistan".

He emphasized that OGRA has been striving to address all these challenges and to attract private investments in oil and gas sector by developing Third Party Access rules, network codes and issuing new WOP licenses etc.

Masroor elaborated that unfortunately the Gas reserves were depleting but the government was taking initiatives to explore new resources and emphasis was being given on import of LNG by issuing four virtual LNG licenses and other 4-5 applications were in pipeline to meet supply/demand scenario with development of the LNG projects specially terminals/virtual LNG storage and construction of gas pipeline as well as other work was being done on cross border gas pipeline for power generation and promotion of LPG to minimize the shortage.

He informed that Oil and Gas including LNG was major components of our energy mix which constitute 75% of energy supplies and highlighted that an approximate of $35 billion US Dollars' oil business was being carried out yearly at the port of Pakistan and there were other related avenues which created a huge opportunity for investors.