KARACHI, Feb 16: Associated Group (AG), the holding organization of Jamshoro Joint Venture Limited (JJVL) and producer of LPG, is collaborating with its American, Middle Eastern and Far Eastern associates for the acquisition of Sui Southern Gas Company Ltd (SSGC).
AG is forming a consortium with highly reputed strategic and equity partners from the US, Middle East and Korea to bid for SSGC, said Iqbal Z. Ahmed, chairman and CEO of AG.
“We believe that SSGC business volume can be expanded four-folds within five to seven years from the time of acquisition,” he said in a statement.
“We can do this by diversifying sources of supply and employing a wide range of cutting edge, innovative technologies through our partners,” he added.
AG had already entered into an agreement last month with an American company specializing in the transportation and supply of LNG through patented technology which reduces the cost of setting up LNG terminals by as much as 10 times.
“We have full confidence in the government’s promise that the situation in Balochistan is under control and will not affect the privatization process and subsequent business,” said Mr Ahmed.
“Our foreign partners are joining us in the bid because they share the same confidence in the government’s policies,” he added.
He said that the group would wish to retain the services of all existing SSGC employees.
He added that AG and some of its foreign associates would be at PriceWaterhouseCoopers in London on February 24 to discuss SSGC privatization with Pakistani officials.
