Pakistan to Probe LNG Terminal Contract

Pakistan’s anti-corruption agency National Accountability Bureau (NAB) June 6 green lighted an inquiry against former prime ministers Nawaz Sharif and Shahid Khaqan Abbasi over alleged misuse of power in allotting an LNG terminal project contract, Geo News reported the same day.

The LNG terminal project was cleared during the prime ministership of Sharif when Abbasi was the petroleum minister. NAB approved the probe “for granting a 15-year contract of LNG terminal to a company of their liking in violation of rules and by misuse of their powers, which caused national exchequer a loss of billions of rupees.”

At present Pakistan has two operational LNG import terminals at Port Qasim, both approved during Sharif’s tenure. The agency did not say allotment of which of the two was being investigated.

Pakistan is one of world’s fastest growing LNG markets. Country’s imports have been steadily growing as the import infrastructure expands. Pakistan's first LNG import venture became operational in March 2015, with Exquisite on charter from US shipowner Excelerate at Port Qasim, near Karachi, providing the infrastructure. The second terminal, also at Port Qasim, became operational last year.