Federal government imposes ban on establishing new Oil Marketing Companies across Pakistan

Shares
Federal government imposes ban on establishing new Oil Marketing Companies across Pakistan

ISLAMABAD - The Oil and Gas Regulatory Authority (OGRA) Monday said a new criteria was being finalized for establishment of Oil Marketing Companies (OMCs) and till its approval, a moratorium would remain in place for new set up. The authority, in a statement, informed the general public, consumers and all stakeholders that Petroleum Division of the Energy Ministry was in process of revising the criteria for new OMCs, for which a draft summary had been forwarded to the quarters concerned. Accordingly, the Petroleum Division has imposed a moratorium on applications for establishment of new OMCs by local investors with effect from January 9, 2019, till the new criteria is approved by Economic Coordination Committee of the Cabinet, it said. The OGRA has been advised not to accept any new applications from local investors except foreign investors for issuance of licence, the authority added.