UAE's Bison Energy gets approval to acquire Pakistani LNG cos
The Competition Commission of Pakistan (CCP) has approved the acquisition of Tabeer Energy and Tabeer Energy Marketing by UAE-based Bison Energy, the CCP said on September 30.
Tabeer Energy is a wholly owned subsidiary of Japan's Mitsubishi Corporation and is currently developing an integrated LNG terminal project at Port Qasim, Sindh. Tabeer Energy Marketing is Tabeer Energy's sister concern and markets imported LNG in Pakistan.
The CCP said it completed the Phase-1 competition assessments, conducted in accordance with Section 11 of the Competition Act, 2010. "As the proposed transactions did not raise any competition concerns, the mergers were approved," it added.
At present, Pakistan's LNG import infrastructure consists of two terminals located at Port Qasim. One terminal is operated by Pakistan GasPort, while the other is managed by Elengy.
Pakistan has faced persistent challenges in sourcing LNG, primarily due to high prices, throughout the past year. This LNG scarcity has resulted in a gas shortage, leading to frequent blackouts and disruptions in industrial activities across the country.
Last month, Pakistan's state-owned company, Pakistan LNG, announced its intention to secure two LNG cargoes, each with a capacity of 140,000 m3, for delivery in December.