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CCP Approves LNG Supply Chain Arrangement Until December 2025

by Daisy Mae D.
07/04/2024
in Compliance, Supply Chain Transparency

The Competition Commission of Pakistan (CCP) has approved the LNG supply chain component of the Share Purchase Agreement (SPA) between Diamond Gas International Japan Co. Ltd and Bison Energy FZCO, effective until December 2025.

Diamond Gas International, based in Tokyo, is a wholly-owned subsidiary of Mitsubishi Corporation, specializing in the marketing, trading, and shipping of LNG. The company holds 100% shares in two Pakistani entities: Tabeer Energy (Pvt) Limited (TEPL) and Tabeer Energy Marketing (Pvt) Limited (TEMPL). These entities are licensed by the Oil and Gas Regulatory Authority (OGRA) for constructing an LNG terminal and selling gas in Pakistan, respectively. Bison Energy FZCO, a UAE-based energy developer and investor with portfolios in Europe, East Asia, and Australia, is acquiring TEPL and TEMPL.

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The SPA between Diamond Gas and Bison Energy was signed in December 2023, involving the sale and purchase of shares in TEPL and TEMPL. Mitsubishi Corporation intends to remain part of Pakistan’s LNG supply chain after the transfer of shares to Bison Energy.

Under the SPA, Bison Energy grants Diamond Gas International the right to participate in the procurement process for LNG supply after acquiring TEPL and TEMPL. The CCP’s approval includes conditions to ensure transparency and fair competition in the LNG procurement process by both Diamond Gas and Bison Energy. Adequate disclosures must be made in the LNG bidding documents regarding the arrangement.

The CCP has also stipulated that any changes in the regulatory regime for TEPL and TEMPL or changes in pipeline capacity allocation for new LNG terminals, as decided by the Cabinet Committee on Energy (CCoE) and later by the Federal Cabinet, will be subject to CCP’s review to assess market implications. The exemption does not cover downstream commercial agreements in the LNG supply chain, which are distinct from this arrangement.

By granting the time-bound exemption with specific conditions, the CCP aims to provide more certainty in the LNG supply chain. Mitsubishi Corporation, with significant investments in LNG infrastructure and a shareholder in twelve LNG-producing projects globally, is expected to help match and quote competitive LNG supply rates in Pakistan.

The CCP grants exemptions under Section 9 of the Competition Act, 2010, ensuring that such exemptions offer economic benefits that outweigh any anti-competitive effects and promote technical and economic progress. It is anticipated that this exemption will encourage foreign direct investment and ease of doing business, contributing to Pakistan’s economic growth trajectory.

The technical and commercial growth of Pakistan’s energy sector is expected to expand under this arrangement, opening opportunities for business-to-business arrangements and agreements downstream in the LNG/gas supply chain.

Your go-to source for supply chain logistics news updates: The Supply Chain Report. Enhance your international trade knowledge at ADAMftd.com.

#LNG#SupplyChain#EnergySector#PakistanEnergy#SupplyChainNews

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