Jamshoro Joint Venture Limited (JJVL) has issued the following clarification in response to the news story "LPG extraction: National Assembly body to discuss SSGC-JJVL deal" which was published in yesterday's issue of this newspaper: JJVL, one of Pakistan's premier LPG producers, represents an investment of $100 million in the country's LPG sector. JJVL has been and remains in complete compliance of all government and regulatory rules and regulations, said a company spokesman on Sunday.
"The agreement between JJVL and Sui Southern Gas Company Limited was awarded through transparent, international competitive bidding," said the spokesman. "JJVL's bid was complete in all aspects including technical and financial ones, and to claim otherwise is to will fully ignore the facts, which are independently verifiable. JJVL strongly objects to the mala fide mischaracterization of its agreement with SSGC."
From 1988 to 2005, LPG was available in the gas stream from Badin field, which provides JJVL with raw gas, but it was not utilised and this cost Pakistan an estimated $400 million, said the spokesman. SSGC has received over Rs 22 billion from JJVL from March 2005 to November 2010 in accordance with the agreement, he said.
"One of the core objectives of contracts in the energy sector, including Pakistan's, is to preserve the sanctity and functionality of the value chain," said the spokesman. "It is for this reason that JJVL's agreement with SSGC is tied to SSGC's agreement with upstream BP. The contractual obligations of JJVL and SSGC are neither unusual nor novel." JJVL has and shall continue to address legitimate concerns about the LPG sector for the benefit of the public, said the spokesman. "This principle applies to any relevant National Assembly committee and it applies to the press."
Comments
Comments are closed for this article.