National Accountability Bureau (NAB) is already probing the 15-year liquefied natural gas supply agreement between the Pakistan State Oil (PSO) and Qatargas in February 2016.
If any evidence of irregularity, such as a violation of the Public Procurement Regulatory rules, is found, the government would seek to renegotiate the agreement.
Speaking to this correspondent on Friday after a meeting of the Senate Standing Committee on Petroleum, the minister for petroleum Ghulam Sarqar has said the NAB Karachi is actively investigating the long-term LNG deal with Qatar and the award of the contract for the first LNG receiving terminal.
When his attention was drawn to the binding take-or-pay terms of the agreement with Qatargas, Sarwar argued India has previously renegotiated the off-take volumes and prices of LNG deals with Qatar , Australia and Russia. He said a petroleum ministry committee is also examining the agreement with Qatar for any other lacunae.
At a Senate committee hearing chaired on Friday by Senator Mohsin Aziz of the ruling Pakistan Tehreek-i-Insaf, the managing director of PSO, Imranul Haq Sheikh, said a price negotiating committee had agreed with Qatargas on an LNG price equivalent to 13.37 percent of the rate, for the benchmark Brent grade of crude oil.