Minister Petroleum and Natural Resou-rces Shahid Khaqan Abbasi Monday said the price of imported Liquefied Natural Gas (LNG) would stand somewhere at $5.6 per MMBTU given the falling global oil rates. “With LNG price at 14 percent of Brent with oil prices at $40 per barrel would be $5.6 per MMBTU,” the federal minister told a seminar held here at PSO House by Petroleum Institute of Pakistan (PIP) on “LNG Outlook in Pakistan”.
Dubbing LNG as a “game-changer” for the country’s lingering energy crisis, the petroleum minister said the viability of country’s energy future was directly linked to LNG. The import of re-gasified fuel, he said, would be linked to oil. “We are replacing oil products,” he said, adding with LNG coming in on a sustainable basis the annual fuel savings would exceed $2 billion.
Dispelling claims that LNG deal would inflict losses on a resource-constrained Pakistan, Abbasi challenged detractors to come up with other solutions they deemed feasible for the current crisis. He went on to claim that had Pakistan committed to LNG imports earlier, the country would not have a gas crisis today. “Today LNG is the only cost-effective solution for Pakistan’s energy problems,” the federal minister maintained.
Aimed at providing a platform for all stakeholders to discuss and analyse current gas-related issues, the seminar was attended by officials of Oil and Gas Regulatory Authority (OGRA) and representatives of foreign missions, the Government of Sindh and energy sector.
Special Assistant to Prime Minister and Chairman Board of Investment (BoI) Dr Miftah Ismail attended the event as a guest of honour. MD PSO and Chairman PIP Shaikh Imranul Haque spoke on the current LNG import structure and challenges, MD ISGS Mobin Saulat on gas infrastructure projects, Chairman PQA Agha Jan Akhtar on port handling capacity, Project Director (LG) SSGC Asim Tirmizi on infrastructure planning required to handle the imported gas and GM LNG SNGPL Kashif Siddiqui on the LNG distribution plans and infrastructure development.
Source: Business Recorder