With an ambitious plan to double the volume of liquefied natural gas (LNG) imports this year, the government intends to ink multibillion-dollar state-to-state gas supply contracts with big African producers – Nigeria and Algeria, sources say.
Pakistan is currently importing 4.5 million tons of LNG per annum and the volume will shoot up to 9 million tons before the end of this year. Projections show that Pakistan will annually need 20 million tons of LNG within three years and 30 million tons in five years.
According to sources, a draft agreement will be presented in the cabinet for ratification before clinching deals with Nigeria and Algeria for LNG imports. This will be followed by the inking of commercial contracts for implementation of the proposed plan.
Although Nigeria LNG’s production dropped 1.8 million tons in 2016, the company still kept its position as one of the top five LNG exporters in the world. Read More…