LNG is easily available to all now, says PM in Senate | Pakistan

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi, while speaking in the Senate on Thursday, remarked that liquefied natural gas (LNG) is readily available to all now. 

Speaking about the achievements of the Pakistan Muslim League-Nawaz government, the PM remarked: “When we came into power in 2013, there was no electricity or gas.”

Now, people have easy access to LNG, he added. 

He also spoke the contract Pakistan signed with Qatar regarding the provision of the LNG in the country. 

“Information regarding Pakistan’s contract with Qatar is available to all,” he shared, adding that the price at which Pakistan acquired LNG is unparalleled anywhere in terms of price and transparency.  

“We are open to debate on these contracts. I personally drew all these contracts,” he shared. The time during which the contracts were signed, Abbasi was serving as the minister for petroleum. 

Speaking about the economic progress in the country, he shared that before Pakistan was importing more fertilisers but now it is exporting more fertilisers. 

On February 10, 2016, Pakistan and Qatar had inked an agreement for the supply of around one billion US dollars worth of LNG to Pakistan annually to help the country meet its energy shortfall.

The agreement on long-term LNG Sale and Purchase was signed during the visit of former prime minister Nawaz Sharif’s two-day visit to Qatar.

Under the agreement, the price for each LNG cargo in a particular month has been agreed at 13.37 percent of Brent where Brent value is the average of the preceding three months Brent value.

According to details, the Qatar Liquefied Gas would sell Pakistan State Oil LNG for a period from 2016 to 2031. The annual Contract Quantity for 2016 has been agreed at prorate of 2.25 mt, for 2017 Q1 prorate of 2.25 mt and for 2017 Q2 to 2031 3.75 mt.

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