Two 100 percent state-owned LNG entities, Pakistan LNG Limited (PLL) and Pakistan LNG Terminal Limited (PLTL), have formally merged.
“Yes, both the companies have been merged with surviving entity of Pakistan LNG Limited that will be effective from January 1, 2021 and the staff of PLTL has been included in the PLL but later on, the said staff will be rationalised,” said Sajid Mehmood Qazi, spokesman for the petroleum division.
He said that the PLTL company and its board now stand abolished. He also said that SECP’s legal notification was also on the cards about the merger of two state-owned companies: “In future, PLTL will be read as PLL and this will be communicated to all relevant parties.”
The Pakistan LNG Terminals Limited (PLTL) was earlier mandated by the GOP to manage the implementation of storage and re-gasification for the country. As such, it will implement and procure the entire LNG re-gasification capacities from existing as well as new LNG terminals at Port Qasim, Gwadar and Sonmiani.
Pakistan LNG Limited (PLL) was mandated by the government of Pakistan to carry out the business of buying, importing, storing LNG, distributing, transporting, metering and selling of natural gas. Now the surviving entity PLL will be having both the mandates and functions.
The merger was delayed by almost 14 months as some members of the PLTL board and senior members of its management wanted PLTL to emerge as the surviving entity after the merger, as the PLTL lost its significance when the government decided not to install any LNG terminal in future, based on ‘take or pay mode’. Instead merchandised terminals will be installed with no government guarantees for LNG take-off.
For more information visit www.paklngterm.com