Gas companies ‘conspiring’ against LNG policy

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Pakistan Economy Watch says gas companies and some departments are working hand in glove to foil the government’s LNG plans
ISLAMABAD: The Pakistan Economy Watch (PEW) on Tuesday said some influential businessmen and gas distribution utilities are conspiring to fail LNG policy framed to tame energy crisis.
Some of the gas consuming sectors have lost interest in using LNG while opposition to the deal due to allegations of corruption, unnecessary secrecy and undisclosed pricing continue to gain momentum at various levels, said Dr Murtaza Mughal, president PEW. He said that LNG is being bought at a very high rate as compared to international market, which is of no use to some sectors, which had expressed extreme interest in it.

Insiders say that gas companies and some other departments have joined hands to foil the government’s LNG plans on the directives of an influential broker and a banker.
A blue-eyed gas official who has managed four extensions in violation of the orders of the Supreme Court is supervising the “whole drama”. He is considered an expert in hiking UFG to transfer billions from people to the pockets of his patrons.
Presently, he is also trying to transfer LNG import losses to all the consumers of the country to benefit shareholders of the company.
Dr Mughal said that those who imported LNG on March 26 by spending Rs 3 billion were deprived and the gas was diverted to power sector while the billing was also delayed to begin the circular debt worth Rs 250 billion in the gas sector.
It is believed that frustrating LNG import plan would help gas companies remain dominant in market and increase profit of shareholders. Failure of LNG policy will deprive the government of revenue worth billions, compromise growth rate as well as investment climate and trigger consumption of costly fuel.

In: UncategorizedAuthor: pakistaneconomywatch