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Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi says Pakistan could become one of the world’s top five buyers of liquefied natural gas (LNG) by 2022.
He said that if Pakistan’s LNG project is fully implemented it could shake up the global LNG market. “Within five years. I don’t see any reason why we should not be beyond 30m tonnes (in annual LNG imports). We will be one of the top five markets in the world.” Abbasi said. Abbasi said foreign suppliers are now arriving in Pakistan. “Before. we used to go out to talk to LNG suppliers. Now they’re coming to us.” the minister said. Pakistan built its first LNG terminal in 2015 and. after some delays. a second terminal is due to come online in October. doubling annual import capacity to about 9m tonnes. Last year Pakistan and Qatar had signed multi-billion dollar liquefied natural gas (LNG) deal. Under the $16 billion deal Qatar will sell LNG to Pakistan for 16 years to meet domestic energy requirements. Abbasi said Pakistan is in talks with Russia. Indonesia. Malaysia and Oman about government-to-government deals for up to three monthly LNG cargoes for its second terminal. which can import 600m cubic feet of gas per day. equal to six cargoes a month. Pakistan has signed a gas pipeline agreement with Iran to import gas from energy-rich neighboring country but despite the deadline of December 2014 to implement the project. Pakistan has not taken any practical steps to complete the gas pipeline to overcome its energy woes.
