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Publish Date : 12-Nov-2015

Keeping in mind the bad performance of the state-owned companies in oil and gas business, it will not be wise to venture wholly government-owned LNG procurement and Terminal enterprises in the given scene.

The government is set to move a summary to the Economic Coordination Committee (ECC) of the Cabinet seeking its approval to establish a state-owned LNG procurement company to streamline and manage the import of Liquefied Natural Gas.

Official sources in the ministry of Petroleum and Natural Resources said the government is also looking to establish a LNG procurement firm to deal with the potential expanding business of LNG.

A source said, "The import of LNG by PSO is an interim arrangement and PSO will be replaced, as an importer of LNG, by a new company, the source informed. The name of new company will be Pakistan LNG Limited and a summary in this regard will be shortly moved for the approval of the ECC. Some oil and gas experts are against the government decision of jumping into LNG business, the source maintained. PSO is an oil marketing company and it will be foolish to advise the government to keep it in total different field of LNG business the source commented. At the same it is equally risky to propose a government owned company just for the purpose of running the LNG matter."

It added, "We have the previous bad experience of government owned entities as their output is so much discouraging."

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