[Pak-Media] JJVL/Dr Asim Hussain

:: IMMEDIATE :: Press Release ::

JJVL Rejects Minister's Claim

LAHORE: Jamshoro Joint Venture Limited (JJVL), a private sector LPG producer, has taken strong exception to a recent statement attributed to Dr. Asim Hussain, the Federal Minister for Petroleum and Natural Resources.

"We take strong exception to and reject in its totality a claim relating to JJVL that has purportedly been made by the new federal minister for petroleum," said a company spokesman.

"Since the start of commercial operations in March 2005, JJVL has provided SSGC with Rs. 23.99 billion under the Implementation Agreement, which was awarded through a competitive bidding, and paid Rs. 7.86 billion in taxes," he said.

"JJVL has been beneficial for SSGC, the economy, and energy-starved consumers across Pakistan, and to claim otherwise is to willfully disregard the facts," said the spokesman.

"Given that some 70 percent of JJVL's total revenues go straight to SSGC, this cannot be considered a 'one-sided agreement' by any stretch of the imagination."

The spokesman said that SSGC and the Ministry of Petroleum and Natural Resources are aware of these facts and have made representations to this effect in Court.

The spokesman said that no LPG was produced at Jamshoro from 1988 to 2005, prior to when JJVL came online, and estimated the losses from not extracting LPG at a total of $250 million.

"We have an established record as a responsible corporation and an energy sector pioneer," said the spokesman, adding that JJVL has invested $105 million in Pakistan's LPG sector.

"We value and shall continue our cooperation with all stakeholders, but we expect and urge some measure of responsibility on the part of officials who are only faintly aware of the industry."

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