ISLAMABAD: The first Letter of Intent
(LoI) for the establishment of an LNG
Import Project in Pakistan was signed
in the UK .
US-based Excelerate Energy has signed the LoI with Pakistan 's Associated Group to provide one of the world's only four LNG Regasification Vessels at Port Qasim, Karachi , and to provide LNG through its network of international producers.
The ceremony was held at Teeside in North Eastern UK which is the site of Excelerate Energy's latest Gas Port. The Secretary, Ministry of Petroleum & Natural Resources; Chairman, Oil & Gas Regulatory Authority; Chairman, Port Qasim Authority; Managing Directors of Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Company Limited; and the Chairman of the National Bank of Pakistan were present.
The US$150 million Project envisions berthing of the Regasification Vessel at Port Qasim which will be charged with LNG cargoes through smaller carriers. The Project includes an LPG Extraction component and shall be capable of augmenting Pakistan 's natural gas supplies by 400mmscfd or by about 13%. The Project being set up by Pakistan GasPort Limited is expected to be commissioned early next year.
Pakistan is facing an energy crisis and requires additional quantities of natural gas to sustain its growth momentum. To this end, Pakistan is working on the Iran-Pakistan-India pipeline and the Government of Pakistan has undertaken to facilitate Private Sector LNG Import Projects through SSGC. The current natural gas deficit stands at 600mmscfd, and the Pakistan GasPort Limited Project shall help reduce this gap. | 
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