Masroor Khan, Chairman of the Oil and Gas Regulatory Authority (OGRA), accompanied by senior members and the executive team, conducted a productive visit to the Overseas Investors Chamber of Commerce and Industries (OICCI) on December 5, 2023. This engagement involved an interactive session with representatives from 33 member entities engaged in the energy value chain. The delegation was graciously welcomed by M. Abdul Aleem, CE/General Secretary of OICCI, and the esteemed MC Members, including Ahmed Zahid Zaheer.

In his introduction to OICCI, M. Abdul Aleem highlighted that OICCI represents the collective body of over 200 foreign investors operating in Pakistan. These investors stand as the foremost contributors to Pakistan's economy, both in terms of tax revenue, contributing one-third of the nation's taxes, and foreign investment, with a substantial USD 22 billion investment over the past decade. He emphasized the invaluable international experience and innovation that OICCI members bring to the table.

During the interactive session, Masroor Khan shed light on OGRA's proactive initiatives aimed at ensuring the safety and security of citizens from unregulated LPG sellers. Additionally, he presented an investment opportunity for foreign investors in 'Virtual LNG' cargoes within Pakistan, highlighting the issuance of five licenses in this regard.

In response to raised concerns, Masroor Khan acknowledged that the recent tariff increase was a difficult decision but a necessary step toward gas conservation and energy efficiency. OICCI members expressed their concerns, notably regarding the substantial increase in gas tariffs (over 200%), leading to a significant rise in production costs, and the lack of robust mechanisms to penalize dealers/operators engaged in illegal practices.

In conclusion, the Chairman emphasized the infancy stage of the industry and stressed the need for collective efforts from all stakeholders. He proposed a holistic approach, starting from conducting safety awareness sessions to educate stakeholders about best practices, as the way forward to address these issues.