Key facts
- Global Vision Energy Partners and Khanjee Holdings lead the proposed $4.4 billion LNG terminal at Port Qasim, Dawn reported.
- The consortium said it obtained site consent from the Port Qasim Authority and applied to OGRA for a provisional licence.
- Pakistan faces paying in excess of $1 billion for winter LNG, the report said, after Qatari term supply was disrupted.
- Qatar declared force majeure on LNG exports in March after Iranian strikes damaged the Ras Laffan export hub.
A group of US companies is proposing to build and operate a $4.4 billion LNG import and storage terminal in Pakistan, Dawn reported on a Monday, citing documents it had seen. The report did not give the calendar date.
The companies, including Global Vision Energy Partners and Khanjee Holdings, with Luxembourg-based General Mediterranean Holding and international partners, said the project would cover imports, storage, re-gasification, gas transmission and sales to large customers. The group said it had obtained consent for a potential site from the Port Qasim Authority and applied to the Oil and Gas Regulatory Authority for a provisional licence. It has set up a special purpose vehicle, and Pakistan's energy and maritime affairs ministries supported the project, per Dawn.
The proposal came days after Dawn reported that a QatarEnergy and Lucky Group consortium, Energas, abandoned a multi-million-dollar LNG terminal at Port Qasim, citing fundamental changes to Pakistan's energy policy and unresolved fiscal and policy issues.
Pakistan has faced high gas import costs since Qatar declared force majeure on exports in March after Iranian strikes damaged the Ras Laffan export hub. Pakistan turned to the spot LNG market, where Asian and European buyers compete ahead of winter, and faces paying in excess of $1 billion for winter cargoes, per the report.