ISLAMABAD: Qatargas and Global Energy Group on Thursday commemorated a 20-year long-term LNG (Liquefied Natural Gas) Sale and Purchase Agreement (SPA).
Prime Minister of Pakistan Nawaz Sharif witnessed the ceremony held at the Prime Minister’s House. Qatari delegation was led by Saad Sherida S J Al-Kaabi, President & CEO, Qatar Petroleum, Khalid Khalifa Al-Thani, CEO, Qatargas, and senior management of Qatargas, along with Federal Ministers and senior government officials of Pakistan, Heads of Diplomatic Mission Chiefs have attended.
In addition to Qatargas, other parties supporting LNG supply into Pakistan with Global Energy Group also attended the ceremony, including ExxonMobil, Total, Hoegh LNG, STFA and Standard Chartered Bank.
The delivery of LNG to Pakistani buyers by Global Energy Group will start on first half of 2018.
Prime Minister Nawaz Sharif welcomed the dignitaries from Qatar very warmly, and thanked them for their continued support to Pakistan including supply of LNG under government-to-government process earlier, and now, under private-to-private process between Qatargas and Global Energy Infrastructure Limited (GEIL).
Petroleum Minister said that one of the first and foremost challenges of the government, when they came into power, was the energy shortages. He said Pakistan now had a constrained deficit of 3bcfd, which required both public and private LNG projects and initiatives. He said the government had created the policy framework and investor-friendly environment for more private investment into Pakistan in LNG infrastructure and supply. He said Global Energy Group’s project was testament to the pro-business policies of the government.
The dignitaries from Qatar Petroleum and Qatargas were welcomed and thanked by all parties, for their continued support for Pakistan.
Ahmet Caliskan, Chairman of Global Energy Group thanked all those present at the momentous occasion and said the Group was happy to play their part in contributing to the energy sufficiency of Pakistan.
GEI Pakistan (GEIP), the local company of the Group, is setting up a LNG re-gasification terminal at Port Qasim LNG Zone, on a site procured from the Authority. The terminal will be completed in the first half of 2018. Following its completion, LNG procured from Qatargas under the said agreement, will be imported into Pakistan and re-gassed to meet demands of the local market for the next 20 years.
This agreement represents the single largest private international contract to be signed for Pakistan. It is an exemplary foreign private investment initiative to supplement the initiatives of Government of Pakistan in addressing the energy shortages in the country. The presence of the international business community reflects their confidence in the Government’s investment friendly policies. The company trusts that this deal will help the economy of Pakistan, create jobs and enhance production capacity of the private sector.—PR
