QP enters into long-term deal for LNG supply to Pakistan

QP enters into long-term deal for LNG supply to Pakistan

By QLNews

Qatar Petroleum (QP) has entered into a new long-term Sale and Purchase Agreement (SPA) with Pakistan State Oil Company Limited (PSO) for the supply of up to 3 million tons per annum (MTPA) of liquefied natural gas (LNG) to the Islamic Republic of Pakistan.

Under the 10-year deal, LNG deliveries to Pakistan’s world-class receiving terminals will begin in 2022 and continue until the end of 2031.

This is the second such agreement the two sides have signed since 2016 when Qatargas signed a long-term agreement to supply PSO with 3.75 MTPA of LNG.

The new agreement raises the total of long-term LNG supplies from Qatar to Pakistan to 6.75 MTPA.​

His Excellency the Minister of State for Energy Affairs and CEO of QP, Saad Sherida Al Kaabi and the Managing Director & CEO of PSO Syed Taha initialled the agreement in Islamabad yesterday.

The ceremony also saw the attendance of Pakistan's Prime Minister, Imran Khan, Qatar's Ambassador to Pakistan HE Sheikh Saoud bin Abdulrahman Al Thani, and some other senior officials from the Pakistani government.

HE Al-Kaabi welcomed the SPA signing and commented, “We are delighted to enter into this new long-term agreement with Pakistan State Oil Company Limited and to continue our contributions toward meeting Pakistan’s increasing energy demand.” 

“This agreement further extends Qatar’s long standing LNG supply relationship with Pakistan and highlights our commitment to meeting Pakistan’s LNG requirements. We are confident that the exceptional reliability of our LNG supplies will provide PSO with the required flexibility and supply security to fuel Pakistan’s impressive growth," HE the Energy Minister added.

He concluded, "With a well-established gas market and distribution system, Pakistan is a strategically important market for Qatar LNG. We are encouraged by Pakistan’s exceptional growth and excellent economic potential as well as by the prospect of it being one of the world’s fastest-growing LNG markets.

"I would like to take this opportunity to thank His Excellency Prime Minister Imran Khan for his support and for his patronage of this special event. I also would like to thank Pakistan’s energy officials as well as PSO’s management for all their efforts and for the professional and transparent negotiations leading to today’s important agreement.”

Pakistan currently has two operational LNG receiving terminals, namely the Engro LNG Receiving Terminal and Pakistan GasPort LNG Receiving Terminal, both of which, utilize Floating Storage and Regasification Units moored in Port Qasim.

There are a number of additional terminals currently under consideration by various private sector players in the country.

---

Make sure to check out our social media to keep track of the latest content.

Instagram - @qatarliving

Twitter - @qatarliving

Facebook - Qatar Living

YouTube qatarlivingofficial

Cover Image Credit and Source: QP
COVID-19 Banner
Log in or register to post comments

More from Qatar Living

Medical services at private health facilities to stop from April 2: Cabinet

Medical services at private health facilities to stop from April 2: Cabinet

The Cabinet decision also allows these facilities to provide some of their medical services through modern means of communication.
People 40 years of age and above now eligible for the COVID-19 vaccine

People 40 years of age and above now eligible for the COVID-19 vaccine

As Qatar continues to fight the pandemic with all its might, today the Ministry of Public Health (MoPH) has announced that the age threshold for COVID-19 vaccine eligibility has been reduced to 40 years.
COVID-19 vaccination at QNCC by appointment only; walk-ins will not be accepted

COVID-19 vaccination at QNCC by appointment only; walk-ins will not be accepted

The Ministry of Public Health has once again reminded the public that the COVID-19 vaccination center at Qatar National Convention Center will only allow individuals with prior appointments to take the COVID-19 vaccine.
How to volunteer in Qatar

How to volunteer in Qatar

Volunteering is one of the ways to consume your free time to help your community by contributing your skills and experience to own new skills, gain work experience and to be involved with the community.
WATCH: QL Exclusive: An interview with the social media influencer, Haneen Al Saify

WATCH: QL Exclusive: An interview with the social media influencer, Haneen Al Saify

Qatar Living speaks to the social media influencer and entrepreneur, Haneen Al Saify, to learn more about her journey since she started blogging.
WATCH: Live it up every Friday at Choices Cosmopolitan Brunch

WATCH: Live it up every Friday at Choices Cosmopolitan Brunch

Priced at QAR 280 per person, this brunch offers a wide range of savory and sweet dishes meant to delight the foodie in you.
WATCH: Qatar all set to host season-opening FIBA 3x3 World Tour

WATCH: Qatar all set to host season-opening FIBA 3x3 World Tour

Qatar is once again set to host the world as the 2021 FIBA 3x3 World Tour basketball series will begin with the Doha Masters tournament on March 26 at the Al Gharafa Sports Complex in Doha.
WATCH: Take advantage of Chevrolet’s latest promotion, featuring Camaro RS 2020, Traverse 2020

WATCH: Take advantage of Chevrolet’s latest promotion, featuring Camaro RS 2020, Traverse 2020

If you’re looking to purchase a new car, the timing works brilliantly with Chevrolet’s latest promotion featuring two striking beauties, the Camaro RS 2020 and the Traverse 2020.