Share this story!            

CNG sector attracts investment of Rs 70bn

ISLAMABAD: The Compressed Natural Gas (CNG) sector of Pakistan has attracted over Rs 70 billion investments during the last few years as a result of liberal and encouraging policies of the government.

According to official sources in the Ministry of Petroleum and Natural Resources, Pakistan now stands the second largest CNG user country in the world.

The government would encourage private sector to set up CNG equipment manufacturing plants in the country in order to save heavy foreign exchange on the import of CNG equipment.

Presently, some 1,414 CNG stations are operating in the country in 85 cities and towns.

By March 2007, about one 1.35 million vehicles were converted to CNG as compared to on million vehicles during the same period last year, showing an increase of 35 percent. On average 29,167 vehicles are being converted to CNG every month.

Meanwhile, as a result of introducing investor friendly policies and deregulation of the petroleum sector by the government, the oil and gas exploration in the onshore and offshore areas attracted an unprecedented direct and indirect investment in the country.

The Rekodiq Copper Project being undertaken by the Chilean Antofagasta Company with investment of US $ 6 billion in Chagai District of Balochistan Province would place Pakistan on the World Copper map shortly. app

Home | Business

Share this story!