Karachi: Prime Minister Shahid Khaqan Abbasi on Sunday inaugurated a Liquified Natural Gas (LNG) terminal at Port Qasim.

It was Pakistan’s first LNG terminal, established by Engro Terminal Limited within 330 days and with a capacity to re-gasify up to 600 mmscfd.

Speaking at the ceremony, the prime minister said that the government brought this inexpensive source of energy to the country in record time.

He said the previous three governments made several attempts to introduce LNG source of energy but failed.

Within eleven months of the contract being signed, the terminal started functioning, which was an example of cooperation between the government and the private sector, he added.

The prime minister said other source of energy such as oil, hydel and nuclear power were considered expensive.

The bids for the project were transparent and the world acknowledged the government’s efforts in this regard, he added.

He said the world expected the project to take several years, but the government had succeeded by introducing the LNG-based energy in record time.

The completion of terminals was necessary for supply of energy, he said, and thanked the concerned authorities for making the task possible.

The prime minister said the terminal has so far handled 100 LNG cargo ships with 6.1 million tonnes of LNG.

It would benefit power, fertiliser, textile and other industries with huge supplies of Regasified Liquefied Natural Gas (RLNG), he added.

He said with capacity to inject 600 mmscfd RLNG in the system, Engro terminal emerged as the single largest gas source in Pakistan.

With the supply of RLNG, the country was saving about $1.5 billion each year when compared with other expensive energy resources such as diesel or furnace oil, he added.

The prime minister said with supply of RNLNG, the CNG sector had been revived with ample supply of power for the fertiliser industry.

He said the second terminal would start functioning in November followed by at least two other terminals in the private sector.

The prime minister said it was a good step for the private sector to participate and build their own terminals, keeping in mind the largest demand and market.

Expressing his confidence, the prime minister said Pakistan energy issues would be resolved soon and termed the inauguration of the terminal a great success in the right direction.

It was Pakistan led and owned project for energy solution which was made possible within shortest time when compared with other countries of the region including Bangladesh.

Later, the prime minister speaking at another briefing ceremony of PGP’s LNG project terminal, said that it would be inaugurated in November this year. He said the government was fixing the power crises of the country and soon the load-shedding would be a thing of the past.

He said it was all possible due to the huge contribution by LNG sector and referred to Engro terminal with re-gasify capacity of 600mmscf and 100 per cent capacity by utilising 4.5 million tons of LNG.

The prime minister expressed his confidence that soon in 2018, the terminals in the country would be able to utilising 9 million tons of LNG for the next five year.

He said it was all possible due to synergy of these terminals, great efficiency and the cheapest lowest gas term contract in the world. Abbasi said the LNG market is large and so it is a ‘win-win situation’ for the private sector, government and the people.

The private sector would be bringing in their own LNG, regasifying it and delivering it to customers through third-party access regime which had already been put in place, he said, adding that would means system in which customers would be free to opt for purchase of LNG on their own.

The prime minister said the government would stay out of buying LNG and building terminals as it would be done by the private sector.

The government would step in only when the private sector failed to meet demand, he added.

He said the LNG community in the world had already appreciated government’s efforts in this regard.

The government’s vision was to deliver LNG in any quantity to any customer in any part of the country and eyeing complete replacement of furnace-based energy plants in 2019.

The prime minister termed LNG import ‘a game changer for Pakistan’ as 50 per cent primary supply for energy was being made from gas.