- Home
- Business
- News
- Pakistani company inks LNG import deal with ExxonMobil, first shipment likely next month
Pakistani Company Inks LNG Import Deal With ExxonMobil, First Shipment Likely Next Month
Faizan Hashmi Published September 18, 2019 | 08:23 PM
Universal Gas Distribution Company (UGDC), a private sector company of Pakistan, Wednesday signed a deal with the world's leading oil and gas company ExxonMobil for private import of Liquefied Natural Gas (LNG), under which first vessel carrying the commodity is likely to arrive the country next month
"After the agreement, the first shipment of LNG is expected by the next month which will change the entire gas landscape in Pakistan," Chief Executive Officer (CEO) of UGDC Abdul Ghiyas Paracha, who is also a senior leader of APCNGA, said in a press release received here from Houston, US.
The agreement was signed by President ExxonMobil Richard Rayfield and UGDC CEO Ghiyas Paracha on the sidelines of a three-day 'Gastec-2019' conference and exhibition being held in Houston from September 17.
A delegation of All Pakistan Compressed Natural Gas Association (APCNGA), led by Ghiyas Paracha, is attending the conference.
According to the press release, Special Assistant to Prime Minister on Petroleum Nadeem Babar, Chairman LNG Market Development Alex Volkov, President Market Development ExxonMobil Irtiza Sayyed, Country Manager Pakistan ExxonMobil Shahrukh Mirza, senior officials of petroleum ministry and UGDC were also present on the occasion.
Nadeem Babar said it was a historic day as ExxonMobil had decided to invest in Pakistan after a gap of twenty years. He said business community would be provided enabling environment in line with the vision of Prime Minister Imran Khan.
"The deal is an honour for Pakistan and we will promote ease of doing business to promote investment in all the sectors including the energy sector." He said the government wanted to put itself out of the gas import and encourage private sector in the energy sector, and "this deal is the first step in that direction. Investment by ExxonMobil will also propel other energy companies to invest in Pakistan, which will help bring down the price of gas and create an environment of competition." Alex Volkov and Irtiza Sayyed said ExxonMobil had decided to invest in Pakistan after two decades with a vision to provide cost-effective and environment friendly gas to consumers on regular basis. "We will support the UGDC so that it can overcome the shortage of gas in Pakistan."Ghiyas Paracha said the government had changed the third party rules allowing the private sector to import gas. "Now we will be able to buy surplus gas from terminals and also buy the fuel from five upcoming terminals which will revive the CNG sector."He expressed confidence that after the increased LNG import, there would be visible difference between the price of CNG and petrol. With the promotion of CNG sector, he said, there would be a drastic reduction in fares of public service transport, besides it would help save one billion Dollars of foreign exchange per annum, convert two million vehicles to CNG and bring more foreign investment for import of fuel efficient CNG kits and light-weight cylinders.
Related Topics
Recent Stories
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
More Stories From Business
-
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
9 hours ago -
Pak-US officials engage to enhance trade, investment ties
10 hours ago -
Stocks fall as tech shares sink, US economy slows
10 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
12 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
12 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
12 hours ago
-
Honda announces US$11 bn EV battery and vehicle plant in Canada
12 hours ago -
Zhao Shirin calls on Punjab Industries Minister
12 hours ago -
CEO APM Terminals calls on Finance Minister
12 hours ago -
SACM visits GTVC checks attendance register
12 hours ago -
CEO APM Terminals meets Commerce Minister
12 hours ago -
RTO destroys huge quantity of non-duty paid cigarettes
13 hours ago