Pakistan to Spend $2.25 Bn on LNG Imports

Pakistan will have to shell out $2.25 billion per year on LNG imports translating into $16 per mmbtu, Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said earlier this week, reports The News International.

He also informed that Pakistan State Oil (PSO) would import the LNG and the rates for the consumers would be determined according to the weighted average pricing method.

The country would import 400mmcfd gas while the Engro’s terminal would be paid $100 million annually as tolling charges, The News International adds.

According to the newspaper, a board of SSGC on January 28, 2014 had achieved a major milestone towards bringing imported LNG to the country by approving a plan for construction of new terminal at Port Qasim to a subsidiary of Engro Corporation with certain conditions.