ISLAMABAD - The Progas Pakistan Managing Director Abbas Bilgrami has said that acquisition of Progas LPG terminal by Sui Southern Gas Company was transparent and according to provisions of the law.

The asset value of terminal was valuated at $120 million or Rs 11 billion by independent experts approved by the SBP, he said.

The company with the largest single investment in LPG and energy infrastructure was out of the business by price manipulation and non-implementation of LPG policy, he said in a letter written to Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW).

Bilgrami said that CNG crisis has little to do with purchase of company and everything to do with shortage of natural gas, lack of investment and poor pricing policies since the early 1970’s.

Progas became third largest LPG business in Pakistan in a matter of 18 months; its terminal is highly valuable and strategic operational asset which is presently being used by SSGC, he said.

Bilgrami said that neither he or Omar Saboor own the company whose corporate shareholders include KUB Malaysia Berhad, Progas Holdings Ltd, Kuwait Gulf Link and NLC.

He informed that Azim Iqbal Siddiqui did not resign due to Progas deal but on personal grounds. Neither he or Saboor have left the country, we reside and work in Pakistan, the letter said.