Pakistan Teams Up With Energy Giants to Build Five LNG Terminals
AFP 2019 / Adrian DennisBusiness11:11 20.09.2019Get short URL
New Delhi (Sputnik): Despite massive economic stress, the Pakistani government has planned to set up five Liquified Natural Gas (LNG) terminals across the country in the next few years. Pakistan’s petroleum division of the ministry of energy said developers will submit technical and financial details by 5 November to develop the terminals.
Pakistan’s Energy Ministry announced the tie-up with energy giants like Exxon Mobil Corp. and Royal Dutch Shell Plc during an annual LNG conference in Houston, Texas, where Indian Prime Minister Narendra Modi is also set to hold a meeting with them.
The energy titans have teamed up with Pakistani firms to build the terminals.
Tabeer Energy, a subsidiary of Mitsubishi planning to open an LNG terminal at Port Qasim in Karachi, is bidding for another terminal.
Exxon and Energas, Sapphire and Halmore, Trafigura Group, and Pakistan GasPort will also submit technical details by 5 November.
ExxonMobil, the world’s largest publicly traded oil and gas firm, also agreed to supply LNG to the energy-starved country.
“After the agreement with Exxon, the first shipment of LNG is expected by the next month which will change the entire gas landscape in Pakistan”, the petroleum division of the ministry of energy said in a statement.
Special Assistant to Prime Minister on Petroleum Nadeem Babar termed the announcement historic, as ExxonMobil has for the first time in 20 years decided to invest in Pakistan.
Pakistan’s Prime Minister Imran Khan has been making attempts to end the energy crisis since taking over the top post last year.
Petrol and diesel prices reached a record high this month and declining financial conditions in the country have also created hurdles in ensuring uninterrupted crude supplies.