21 °C Prince George's County, US
November 29, 2021

International Consortium Building Pakistan’s LNG Supply Terminal

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.

Related articles

Pakistan Has Surplus Sugar But No Decision Yet on Export

Pakistan’s sugar industry has yet another robust year with surplus sweetener estimated at 1.8 million tons, but there has not been any decision yet on exporting the surplus. Pakistan is a significant exporter of sugar in Asia and the South Asia’s biggest economy has seen production rising in two years in a row. A meeting […]

Low Oil Prices To Persist in 2016: IEA Report

Low oil prices are expected to persist in 2016 over global oil stocks but may see recovery in the next year when the market will begin rebalancing, a latest report by International Energy Agency (IEA) said in its outlook report for 2016-2021. Global oil supply growth is also plunging as an extended period of low […]