Pakistan’s Economic Coordination Committee on Wednesday approved Pakistan State Oil’s 15-year LNG sale and purchase agreement with Qatargas.
According to a statement issued by the ECC, PSO has been authorized to execute the SPA.
On a proposal of Ministry of Petroleum & Natural Resources, the Committee “approved signing of the LNG sale purchase agreement (SPA) with Qatargas for a period of 15 years and authorized the PSO to execute the SPA under government to government arrangement after completing the due process,” the statement said.
It was reported in November last year that PSO agreed to import 1.5 million tons of LNG per year from the world’s largest LNG producer. The 15-year deal is valued at $16 billion.
Pakistan began importing LNG in March last year in order to replace conventional fuels to fire its power stations.
The country is importing chilled gas through Excelerate Energy’s 150,900 cbm FSRU Exquisite, which is chartered by Engro Elengy, located at the Port Qasim in Karachi.
The Port Qasim facility received 17 cargoes or one million tons of LNG by the end of December.
LNG World News Staff