First Private LNG importer of Pakistan Inks Deal with Exxon Mobile
Universal Gas Distribution Company Pvt Ltd (UGDC), represented by its CEO Mr. Ghiyas Abdullah Paracha, has inked an agreement with Exxon mobile to import LNG into the country. The ceremony was attended by Special Assistant to Prime Minister on Petroleum Nadeem Babar, ExxonMobil LNG Market Development Chairman Alex Volkov, Market Development President Irtiza Sayyed, ExxonMobil Country Manager Pakistan Shahrukh Mirza and senior officials of petroleum ministry. The agreement would pave the way for Pakistan’s first private LNG import shipment. UGDC has been the first company to receive a private gas marketing license in Pakistan.
Mr. Nadeem Babar praised the deal as the event marked Exxon’s first investment into Pakistan in more than two decades. He further elaborated how this deal would enable private importers to buy surplus gas from current terminals as well as import gas from the upcoming five terminals. The deal would also help replace more the $1 billion worth of vehicle imports.