Progas forced out of market

摘要

The assets of Pakistan firm Progas — the country’s largest importer of LPG two years ago — are to be sold at auc- tion next month, following its inability to pay back bank loans and settle other liabilities that have piled up over the last three years. Progas has an import terminal with a capacity of 2mn t/yr and 7,000t of storage nationwide, including 6,500t at Port Qasim and two plants in the north- west Frontier Province and Punjab. The firm also owns smaller transport and infrastructure assets and its joint-ven- ture owners included industrial firm KUB Malaysia, Pakistan’s National Logistics and Kuwait’s KGL Petroleum.