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Additionally, the existing gas infrastructure in the country is outdated and leads to significant loss of gas during transmission.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
https://arab.news/jyncg
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
Sindh assembly passes resolution rejecting move to separate Karachi
- Chief Minister Shah cites constitutional safeguards against altering provincial boundaries
- Calls to separate Karachi intensified amid governance concerns after a mall fire last month
ISLAMABAD: The provincial assembly of Pakistan’s southern Sindh province on Saturday passed a resolution rejecting any move to separate Karachi, declaring its territorial integrity “non-negotiable” amid political calls to carve the city out as a separate administrative unit.
The resolution comes after fresh demands by the Muttahida Qaumi Movement (MQM) and other voices to grant Karachi provincial or federal status following governance challenges highlighted by the deadly Gul Plaza fire earlier this year that killed 80 people.
Karachi, Pakistan’s largest and most densely populated city, is the country’s main commercial hub and contributes a significant share to the national economy.
Chief Minister Syed Murad Ali Shah tabled the resolution in the assembly, condemning what he described as “divisive statements” about breaking up Sindh or detaching Karachi.
“The province that played a foundational role in the creation of Pakistan cannot allow the fragmentation of its own historic homeland,” Shah told lawmakers, adding that any attempt to divide Sindh or separate Karachi was contrary to the constitution and democratic norms.
Citing Article 239 of Pakistan’s 1973 Constitution, which requires the consent of not less than two-thirds of a provincial assembly to alter provincial boundaries, Shah said any such move could not proceed without the assembly’s approval.
“If any such move is attempted, it is this Assembly — by a two-thirds majority — that will decide,” he said.
The resolution reaffirmed that Karachi would “forever remain” an integral part of Sindh and directed the provincial government to forward the motion to the president, prime minister and parliamentary leadership for record.
Shah said the resolution was not aimed at anyone but referred to the shifting stance of MQM in the debate while warning that opposing the resolution would amount to supporting the division of Sindh.
The party has been a major political force in Karachi with a significant vote bank in the city and has frequently criticized Shah’s provincial administration over its governance of Pakistan’s largest metropolis.
Taha Ahmed Khan, a senior MQM leader, acknowledged that his party had “presented its demand openly on television channels with clear and logical arguments” to separate Karachi from Sindh.
“It is a purely constitutional debate,” he told Arab News by phone. “We are aware that the Pakistan Peoples Party, which rules the province, holds a two-thirds majority and that a new province cannot be created at this stage. But that does not mean new provinces can never be formed.”
Calls to alter Karachi’s status have periodically surfaced amid longstanding complaints over governance, infrastructure and administrative control in the megacity, though no formal proposal to redraw provincial boundaries has been introduced at the federal level.
