Prime Minister Imran Khan has said that Pakistan will save US$ 3 billion via signing of new LNG import agreement with Qatar.
As per details, Pakistan and Qatar inked a 10-year LNG import agreement in Islamabad on Friday (today). The agreement provisions import of 3 million tonnes of LNG to Pakistan from Qatar.
PM Imran Khan and Qatari Energy Minister – Saad Sherida al-Kaabi attended the ceremony in the federal capital. The Qatari dignitary noted that the agreement will further strengthen bilateral cooperation and economic ties between Qatar and Pakistan.
The project will generate Rs1,300 billion rupees and the federal government will get Rs 250 billion rupees in taxes.
Expressing his views Nadeem Babar – SAPM on Petroleum, said that the LNG import agreement with Qatar will sufficiently address Pakistan’s energy requirements for the years to come.
"قطر ایل این جی معاہدے سے آئندہ دس سالوں میں 3 ارب ڈالرز کی بچت ہو گی۔"
وزیرِاعظم عمران خان، سنٹرل بزنس ڈسٹرکٹ کے سنگِ بنیاد کی تقریب سے خطاب#PMIKinLahore #LahoreBusinessDistrct pic.twitter.com/YPoRzblkUj
— Prime Minister's Office (@PakPMO) February 26, 2021
The development comes as earlier, Pakistan secured financing worth up to US$ 1.1 billion from International Islamic Trade Finance Corporation (ITFC) aimed at LNG, oil imports.
The agreement will enable Pakistan to sustain its oil, LNG imports in order to sufficiently address domestic energy requirements and will also ease the burden on country’s stressed foreign exchange reserves.
Pakistan State Oil (PSO), Pak-Arab Refinery Ltd (Parco) and Pakistan LNG Ltd (PLL) will utilize the financing provided by IFTC for LNG and oil imports.
The agreement is a part of the larger US$ 4.5 billion deal signed by the two sides back in April 2018 and which ended in December 2020 last year.
