ISLAMABAD (November 10, 2010) : An Argentina CNG company as shown interest to invest $6 million for setting up CNG buses refilling terminals in 10 big cities of Pakistan to help government curb the health damaging carbon emission.
At the resident of Ambassador of Argentina Rodolfo J. Martin-Saravia, Chief Executive Officer, Galileo Osvldo C del Campo of CNG Galileo companies gave a brief presentation to State Minister/Chairman Board of Investment (BOI) Saleem Mandviwalla regarding the expertise of the company in installing CNG equipment for refilling cheap fuel in public transport world-wide.
CEO said the cost of Galileo CNG equipment was more than conventional CNG stations set up in Pakistan but their equipment has no match as far as safety and fuel pumping efficiency is concerned. He said that his company was doing successful business world-wide. Their refilling stations were very successful in countries like Korea, Spain and Singapore where there is no use of gas.
He further said Galileo had the capacity and expertise to transport CNG on trolleys from one point to another where gas stations were located. "Our big lorries travel 100km a day in Philippine to transport the gas", he said. Ambassador of Argentina Rodolfo J Martin-Saravia said being ambassador it was his responsibility to work for boosting economic co-operation between two countries. "It is essential that Pakistan must provide level playing field and equal opportunities to local and foreign investors to allure Foreign Direct Investment (FDI)", he said.
He anticipated that industrial growth in Pakistan would gather momentum after completion of the projects like Iran-Pakistan gas pipeline, Tarkmanistan-Afganistan-Pakistan-India gas pipeline and Thar Coal Gasification Project. During discussions, Chairman BOI briefed the visiting CEO that economic co-ordination committee (ECC) was the highest forum which authorise the allocation of gas quota to a particular sector. Under the directive of Cabinet Committee, ECC was dealing with the gas management.
He further said due to gas deficit, government had put ban on issuance of new CNG station licences. Balochistan was an exception as the province has a few gas stations. He said the transporting CNG would be a unique technology in Pakistan. He also suggested the CEO to move a summary to Ministry of Petroleum and Natural Resources for ECC approval. Managing Director of ACE Energy (Pvt) Ltd Syed Ahmed Masood was also present at the occasion. He said investors anticipated that new CNG policy to be announced shortly would remove the bottlenecks for fresh investment in gas sector.
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