Islamabad: Pakistan yesterday endorsed a sales and purchase agreement of LNG (Liquefied Natural Gas) between Qatargas and Global Energy.
Prime Minister of Pakistan, Mian Muhammad Nawaz Sharif, attended the ceremony that commemorated a 20-year long-term agreement.
The ceremony was held at the Prime Minister’s House. Qatari delegation was led by Saad Sherida S.J. Al-Kaabi, President and CEO of Qatar Petroleum; Khalid Khalifa Al-Thani, CEO of Qatargas; Federal Ministers and senior government officials of Pakistan.
The delivery of LNG to Pakistani buyers by Global Energy will start on first half of 2018.
GEI Pakistan (GEIP), the local company of the Group, is setting up a LNG regasification terminal at Port Qasim LNG Zone, on a site procured from the Authority. The terminal will be completed in the first half of 2018. Following it’s completion, LNG procured from Qatargas under the said agreement, will be imported into Pakistan and re-gassed to meet demands of the local market for the next 20 years.
This agreement represents the single largest private international contract to be signed for Pakistan. It is an exemplary foreign private investment initiative to supplement the initiatives of Government of Pakistan in addressing the energy shortages in the country. The presence of the international business community reflects their confidence in the Government’s investment friendly policies. The company trusts that this deal will help the economy of Pakistan, create jobs and enhance production capacity of the private sector.
