ISLAMABAD – Pakistan to renegotiate the controversial LNG deal worthbillions with Qatar if evidences of corruption and commission kick backsare found in the project.
National Accountability Bureau (NAB) is already probing the 15-yearliquefied 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 PublicProcurement Regulatory rules, is found, the government would seek torenegotiate the agreement.
Speaking to this correspondent on Friday after a meeting of the SenateStanding Committee on Petroleum, the minister for petroleum Ghulam Sarqarhas said the NAB Karachi is actively investigating the long-term LNG dealwith Qatar and the award of the contract for the first LNG receivingterminal.
When his attention was drawn to the binding take-or-pay terms of theagreement with Qatargas, Sarwar argued India has previously renegotiatedthe off-take volumes and prices of LNG deals with Qatar, Australia andRussia. He said a petroleum ministry committee is also examining theagreement with Qatar for any other lacunae.
At a Senate committee hearing chaired on Friday by Senator Mohsin Aziz ofthe ruling Pakistan Tehreek-i-Insaf, the managing director of PSO, ImranulHaq Sheikh, said a price negotiating committee had agreed with Qatargas onan LNG price equivalent to 13.37 percent of the rate, for the benchmarkBrent grade of crude oil.
“Though the deal with Qatar can only be renegotiated after 10 years, ifPakistan formally contacts with Qatar, it may be possible to review thedeal,” Sheikh said.