ISLAMABAD: Federal Petroleum Minister Shahid Khaqan Abbasi has reiterated that the first shipment of imported liquefied natural gas (LNG) will likely to reach Karachi on March 26.
While talking to media on the occasion of awarding oil and gas exploration block to Kuwait Petroleum Exploration Co on strategic basis, the minister said that the government is committed to meet the deadline of importing LNG from Qatar by March 31.
Abbasi said that long-term LNG supply contract with Qatar had been finalized and Pakistan would be receiving 200 million cubic feet per day (mmcfd) in first year which amounts to 1.5 million ton per year. He said that LNG would be 14 per cent cheaper compared to LSFO and 40 per cent cheaper than furnace oil.
Meanwhile, an agreement was signed between Kuwait State owned Petroleum Exploration Co and government of Pakistan to award block to the latter. Kuwait Petroleum will do exploration in a block 3170-50 Paharpur over an area of 2260.70 sq km located in Dera Ismail Khan with firm commitment of $9.5 million investment. The company has committed to spend $30,000 per year in the block on social welfare schemes. Sheikh Nawaf Saud Al-Sabah, the chief executive officer of KUFPEC said that they were working with dedication due to investment friendly environment in Pakistan. He said that Pakistan was rich in oil and gas resources and provides lot of opportunities for investment in upstream sector.
