KARACHI: The Competition Commission of Pakistan (CCP) decided to greenlight the acquisition of two local companies engaged in the establishment and operation of a Liquefied Natural Gas (LNG) terminal by a firm based in the United Arab Emirates (UAE) on Saturday.
The CCP is an independent regulatory authority responsible for promoting fair competition and protecting consumers from anti-competitive practices.
According to an official statement, it took the decision to attract more foreign direct investment (FDI) and ensure the potential mitigation of gas shortages in Pakistan.
It said the two local companies were also involved in the import, storage, and distribution of LNG and Re-gasified Liquefied Natural Gas (RLNG) in the country.
“CCP has processed the two mergers, approving the 100 percent acquisition of Tabeer Energy (Private) Limited and Tabeer Energy Marketing (Private) Limited by the UAE-based Bison Energy FZCO,” the statement continued.
“CCP completed the Phase-1 competition assessments, conducted in accordance with Section 11 of the Competition Act, 2010,” it added. “As the proposed transactions did not raise any competition concerns, the mergers were approved.”
The UAE-based company has now acquired the complete shareholding of the two business entities from Diamond Gas International Japan Co. Limited.
“The transaction will result in foreign direct investment in Pakistan and help alleviate the gas shortage,” the statement said.
Pakistan has faced a number of energy-related issues, including gas shortages, in recent years. These include the increasing demand slow pace of the supply, especially in winter when its usage intensifies for heating purposes.
Additionally, the existing gas infrastructure in the country is outdated and leads to significant loss of gas during transmission.
Pakistan has also been seeking more FDI to financially strengthen itself amid an ongoing economic crisis that prompted its successive administrations to seek International Monetary Fund (IMF) bailouts to mitigate dollar liquidity crunch.
Pakistan’s competition commission approves UAE-based firm’s acquisition of two LNG companies
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Pakistan’s competition commission approves UAE-based firm’s acquisition of two LNG companies
- The CCP says the decision will attract more foreign direct investment, ensure the potential mitigation of gas shortage
- The local companies set up and operated an LNG terminal and were involved in the import and distribution of the gas
Pakistan police tighten New Year’s Eve security in capital, warn of jail time for aerial firing
- More than 350 traffic policemen have been deployed to ensure public safety and smooth traffic flow
- New Year celebrations in Pakistan witness heightened security to prevent one-wheeling, rash driving
ISLAMABAD: Pakistan’s capital police warned on Wednesday anyone engaging in aerial firing on New Year’s Eve in Islamabad could face jail time, as authorities deployed more than 350 traffic officers to ensure public safety and smooth traffic flow.
Around eight special traffic squads have been formed to curb one-wheeling and rash driving, according to Pakistani state media. The report quoted an Islamabad traffic police spokesperson urging parents to prevent minors from underage driving.
New Year’s Eve in Pakistan sees heightened security in major cities such as Islamabad, Lahore and Karachi, with authorities increasing police presence to control incidents like aerial firing that have caused deaths in the past.
“Whoever fires in the air will go straight to jail,” said the law enforcement department in a post on X. “Islamabad Police will take strict action against those who fire in the air.”
The post said the police were “determined to ensure security and traffic flow on the occasion of the New Year.”
“One-wheeling is a crime that inevitably results in lifelong disability or loss of precious lives,” it added.
According to a report by the Associated Press of Pakistan (APP), heavy vehicles will be barred from entering Islamabad between 7 p.m. and 3 a.m. It added that parking on roads will be prohibited, and police will remain on duty throughout the night.
Aerial firing is a common but dangerous practice in Pakistan during celebrations, and it has caused several fatalities in the past.
More than 20 people including two women were injured in multiple incidents of aerial firing in Pakistan’s southern port city of Karachi on the last New Year’s Eve.
According to data compiled by Karachi Police Surgeon Dr. Summaiya Syed, 19 people were injured due to aerial firing in 2020, 11 in 2021, 20 in 2022, 40 in 2023 and 26 in 2024.
