ExxonMobil pulls out of Pakistan FSRU project

ExxonMobil pulls out of Pakistan FSRU project
Illustration purposes only (Image courtesy of Höegh LNG)

U.S. major ExxonMobil called it quits on a liquefied natural gas (LNG) import project in Pakistan, following differences with project partners. 

The consortium, comprising Höegh LNG, Qatar Petroleum, Total, Mitsubishi, ExxonMobil and Global Energy Infrastructure Limited (GEIL) was formed in February to develop a project that includes an FSRU with a regasification capacity of 750 million cubic feet per day by 2018.

Sources told Reuters that ExxonMobil’s decision could lead other partners in the project, Total and Mitsubishi to consider their position and possibly seek involvement in a rival project.

Government officials were cited as saying that the project now has a 10 to 20 percent chance of success due to the partners falling out. Qatar’s 20-year deal with GEIL for the delivery of 2.3 million tons of LNG per year is also under threat.

Pakistan’s minister of maritime affairs, Hasil Bizenjo said that ExxonMobil has already entered talks to develop a separate project in the Port Qasim.

Pakistan’s appetite for LNG is growing and is expected to hit 30 million tons per year by 2022.

 

LNG World News Staff

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