Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said the government as well masses are facing heavy losses due to barriers in import of LNG by the private sector.
Private sector which has invested substantially is being discouraged systematically from importing LNG forcing consumers to rely on costly LNG which is taking a toll on the masses, industry and agricultural sector, he said.
Mian Zahid Hussain said that LNG prices can come down if the private sector is allowed to import the fuel at competitive rates which will save billions while generating handsome income for the government in the shape of terminal charges.
Talking to the business community, the veteran business leader said that LNG supply chain has been made so complicated and costly which results in closure of thousands of businesses leaving millions unemployed during winter which also increases the oil import bill.
He said that the private sector can take critical decisions within hours for which the government departments take months in the process wasting billions of rupees.
The business leader noted that there is no all-encompassing LNG policy, things are unclear about extension in capacity of existing terminals and construction of a third terminal.
He said that 70 percent of the global supply is in the hands of eleven multinationals and these companies avoid countries famous for corruption therefore such countries rely on traders.
If Pakistan can attract multinationals it can result in cheap LNG for which transparency is necessary, he said.