ISLAMABAD Aug. 18, (TNS): In order to double the volume of liquefied natural gas imports this year, the government intends to ink multibillion-dollar state-to-state gas supply contracts with big African producers i.e. Nigeria and Algeria, sources say.
Pakistan is currently importing 4.5 million tons of LNG per annum and the volume will shoot up to 9 million tons before the end of this year. Projections show that Pakistan will annually need 20 million tons of LNG within three years and 30 million tons in five years.
According to sources, a draft agreement will be presented in the cabinet for ratification before clinching deals with Nigeria and Algeria for LNG imports. This will be followed by the inking of commercial contracts for implementation of the proposed plan.
Around eight months ago, Pakistan signed a 15-year agreement with Qatar for annual imports of 3.75 million tons to meet its growing energy needs as existing natural gas reserves of Pakistan appeared insufficient to bridge the widening demand-supply gap.
The import of LNG has given a new lease of life to some industrial sectors, compressed natural gas (CNG) filling stations, fertilizer plants and power producers, which were earlier sitting idle or limping along in the absence of gas supplies.
