In a significant development for Pakistan’s energy landscape, the Competition Commission of Pakistan (CCP) has granted approval for a UAE-based company to acquire two entities involved in the establishment and operation of a Liquefied Natural Gas (LNG) terminal. This move also encompasses the import, storage, and distribution of both LNG and Re-gasified Liquefied Natural Gas (RLNG) within Pakistan.
The approval signifies not only a substantial step towards welcoming Foreign Direct Investment (FDI) but also holds the potential to mitigate Pakistan’s persistent gas shortage, a critical concern for the nation.
The CCP has meticulously processed two merger applications, leading to the green light for the 100 percent acquisition of Tabeer Energy (Private) Limited and Tabeer Energy Marketing (Private) Limited (TEMPL) by Bison Energy FZCO, a UAE-based entity.
As part of these merger transactions, Bison Energy FZCO has successfully secured a 100% shareholding of both Tabeer Energy (Private) Limited and Tabeer Energy Marketing (Private) Limited, previously owned by Diamond Gas International Japan Co. Limited.
This strategic acquisition is expected to infuse much-needed foreign direct investment into Pakistan’s energy sector, potentially offering relief from the ongoing gas shortage issue.
It is worth noting that CCP has diligently conducted Phase-1 competition assessments in accordance with Section 11 of the Competition Act, 2010. These assessments have demonstrated that the proposed transactions do not raise any significant competition concerns, thereby leading to their approval.
This development is poised to have a lasting impact on Pakistan’s energy landscape, strengthening its position in the LNG market and addressing critical energy needs.
