ISLAMABAD – World’s largest energy giant ExxonMobil makes entry intoPakistan LNG sector.
US energy giant ExxonMobil is planning to build the third LNG terminal inKarachi as a joint-venture partner. ExxonMobil, in collaboration withPakistan’s exploration and production companies, drilled an offshore wellto search for hydrocarbon reserves in the Arabian Sea. However, the effortcould not prove successful.
Now, in a new venture with Energas consortium, the US firm is going toinvest in setting up an LNG terminal in Pakistan.
Earlier, ExxonMobil, the world’s largest publicly traded oil and gas firm,had inked an agreement with Universal Gas Distribution Company (UGDC) – anassociation of CNG station owners and operators – for LNG supply.
Read Top Stories
This came after the Pakistan Tehreek-e-Insaf (PTI) government allowed theprivate sector to utilise the idle capacity of existing LNG terminals andpipelines of public gas utilities. It will break the monopoly ofpublic-sector companies and the private sector will be able to bring LNG atcheaper rates.
