World largest Oil and Gas Company ExxonMobil makes a historic entry into Pakistan
ISLAMABAD - World largest Oil and Gas Company ExxonMobil makes a historic entry into Pakistan.
ExxonMobil has signed a historic and first ever gas supply agreement with a Pakistani energy company, Universal Gas Distribution Company (UGDC), in Houston (Texas) for the import of private LNG for the first time in Pakistan.
After the agreement, the first shipment of LNG is expected next month which will change the entire gas supply landscape in Pakistan, said a statement issued by Petroleum Division of the Ministry of Energy.
The agreement was signed in Houston by Vice President of ExxonMobil Richard Rayfield and Chief Executive of UGDC Ghiyas Abdullah Paracha and witnessed by Special Assistant to the Prime Minister on Petroleum Nadeem Babar. A large entourage of the government is currently in the United States to attend an annual LNG conference.
ExxonMobil is the first company to get a private gas marketing license in Pakistan.
Speaking at the event, Nadeem Babar said that this is a historic day as ExxonMobil has decided to invest in Pakistan after 20 years. He said that businessmen would be provided an enabling environment according to the vision of Prime Minister Imran Khan.
“The deal is an honor for Pakistan and we will ensure ease of doing business to promote investment in all the sectors including the energy sector,” he said.
Investment by ExxonMobil will also propel other energy companies to invest in Pakistan which will bring down gas prices to help the masses and the environment.