A consortium of leading multinational energy companies is building Pakistan’s first private-sector LNG terminal that will help ease energy problems in South Asia’s second biggest economy.
The consortium including Qatar Petroleum, ExxonMobil, Total, Mitsubishi Corp, and Hoegh LNG, and is partnering with Global Energy Infrastructure Limited (GEIL) on the project. The LNG 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. The project, after completion, will account for around 10% of the primary energy supplies of the country, and will be equivalent of 20% of the current domestic natural gas production.
The senior executives of all the partner companies met Finance Minister Ishaq Dar in Islamabad and appreciating the government’s efforts in stabilizing the country’s economy which is now seen as a lucrative destination by the foreign investors.
The consortium leaders reaffirmed the fact that the project has a zero liability on the government and appreciated the fact that this kind of a project was difficult to envisage a few years ago. They appreciated the government’s investment friendly policies.
While the government of Pakistan is not involved in the project, it has promised to extend all requisite policy and regulatory support.
Minister Dar appreciated the fact that the participation of the world’s leading energy groups was indicative of international investors’ confidence in Pakistan’s economic turnaround and the investor-friendly policies of the government headed by Prime Minister Nawaz Sharif
PricewaterhouseCoopers, a multinational professional services network headquartered in London, in its most report has projected Pakistan to become the 20th largest economy by 2030 and the 16th largest economy by 2050.
After averaging around 3 percent growth between 2008 and 2013, the country’s economy is picking up pace and grew by 4.7 percent in 2016. The government is aiming 5.5 percent growth in the current financial year ending June 30, and 6.0 percent for the next year.