ISLAMABAD – World largest Oil and Gas Company ExxonMobil makes a historicentry into Pakistan.
ExxonMobil has signed a historic and first ever gas supply agreement with aPakistani energy company, Universal Gas Distribution Company (UGDC), inHouston (Texas) for the import of private LNG for the first time inPakistan.
After the agreement, the first shipment of LNG is expected next month whichwill change the entire gas supply landscape in Pakistan, said a statementissued by Petroleum Division of the Ministry of Energy.
The agreement was signed in Houston by Vice President of ExxonMobil RichardRayfield and Chief Executive of UGDC Ghiyas Abdullah Paracha and witnessedby Special Assistant to the Prime Minister on Petroleum Nadeem Babar. Alarge entourage of the government is currently in the United States toattend an annual LNG conference.
ExxonMobil is the first company to get a private gas marketing license inPakistan.
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Speaking at the event, Nadeem Babar said that this is a historic day asExxonMobil has decided to invest in Pakistan after 20 years. He said thatbusinessmen would be provided an enabling environment according to thevision of Prime Minister Imran Khan.
“The deal is an honor for Pakistan and we will ensure ease of doingbusiness to promote investment in all the sectors including the energysector,” he said.
Investment by ExxonMobil will also propel other energy companies to investin Pakistan which will bring down gas prices to help the masses and theenvironment.
