Pakistan’s first ever private sector LNG supply project launched

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Pakistan’s first ever private sector LNG supply project launched

A meeting chaired by Finance Minister Ishaq Dar in Islamabad on Thursday discussed matters relating to development of first private sector LNG supply project in the country.

It was attended, among others, by senior executives representing the multinational consortium, which is developing the project.

Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said that the project is completely a private-to-private venture, with no government financing or off-take guarantee, which makes the project the first of its kind in Pakistan.

He further stated that the LNG Supply Agreements relating to project have also been executed without the involvement of the government.

He said that the Ministry of Petroleum and Natural Resources will extend all requisite policy and regulatory support for the project.

Minister for Water and Power Khawaja Muhammad Asif said that the project augurs well for the gas supply needs of the power sector.

Finance Minister Ishaq Dar said participation of leading multinational energy companies in the project is yet another demonstration of the international investors’ confidence in Pakistan’s economic turnaround and the investor-friendly policies.

Senior executives representing the consortium appreciated the government’s investor friendly policies.

Under the project, the LNG Terminal will have a capacity of 1,000 mmfcd per day, and it will re-gasify up to 750 mmfcd gas per day as base-load.

The project is expected to be completed in 2018.