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'LNG import vital for country's economy'

22 November, 2012

ISLAMABAD: A meeting on Wednesday was informed that under liquefied natural gas (LNG) integrated project's request for proposal (RFP), LNG bidding process would be initiated through two envelope systems - technical and financial - for which proposals would be sought.

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ISLAMABAD: A meeting on Wednesday was informed that under liquefied natural gas (LNG) integrated project's request for proposal (RFP), LNG bidding process would be initiated through two envelope systems - technical and financial - for which proposals would be sought.

This was informed by Sui Southern Gas Company (SSGC) during a meeting on LNG import chaired by Adviser to Prime Minister on Petroleum and Natural Resources Dr Asim Hussain. Dr Hussain said that LNG import is very essential to overcome the energy shortfall and it will also help in improving the economy ultimately. The meeting was also attended by Minister of State for Finance Senator Saleem H Mandviwalla, Petroleum Secretary Dr Waqar Masood Khan, SSGC Managing Director Zuhair Siddiqui, Planning Commission of Pakistan Member Shahid Sattar, Ministry of Law Senior Joint Secretary Dr Riaz Mahmood, State Bank of Pakistan Director Mansoor Siddiqui, representative of the Ministry of Finance, senior officers of SSGC and Ministry of Petroleum.

Detailed discussions were held on various aspects of LNG import including quantity, bidding process, timelines, bid security and performance bond, credit structure, sovereign guarantees, evaluation of bids and Gas Sale Purchase Agreement (GSPA) terms.

It may be recalled that the Economic Coordination Committee (ECC) in its meeting on August 7, 2012 approved the short and long-term LNG import framework proposed by the Ministry of Petroleum and Natural Resources. However, the ECC formed a technical group comprising petroleum secretary, finance secretary, water and power secretary, Planning Commission deputy chairman, Board of Investment chairman and State Bank of Pakistan chairman to work further on mechanism, bidding details, guarantee matters and legal issues.

End.


 
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