Progas delegation meets Prime Minister

ISLAMABAD: A delegation of Progas Pakistan Limited led by Abbas Bilgrami met the Prime Minister Shaukat Aziz here at the Prime Minister's House Monday.

The Progas a joint venture of Malaysia and UK is making an investment of $40 million for supply of Liquefied Petroleum Gas (LPG) in Pakistan and the company would market on million LPG cylinders to the general consumers every year.

While appreciating the joint venture investment, the Prime Minister said that there was great potential of investment in Pakistan and it was also providing a level playing field to foreign investors.

The Prime Minister said that the energy demand is increasing with the growing market needs and the government would welcome investment in energy sector.

He said the government would want the prices of LPG to remain within limits, and added that he appreciated the voluntary reduction of prices of LPG by 18 percent by the private sector companies.

The Prime Minister was also informed that the marketing of their LPG would start in December this year.

Managing Director of Progas also informed the Prime Minister that the joint venture was planning to set up a coal based power generation plant in Sindh to generate 75mw of electricity with an investment of $20 million and the private power board has already approved the project in principal.

Prime Minister reiterated that Pakistan was providing best opportunities to investors with high returns.

The investors thanked the government for their cooperation and said the joint venture would look for even more projects for investment in Pakistan's energy sector.