Shahid Khaqan Abbasi, Minister of Petroleum and Natural Resources requested Chinese companies to explore investment opportunities in the energy sector in Pakistan. Five-time growth in demand for liquefied natural gas (LNG) that is 30 MTPA (million tons per annum) expected within next five years.
“Under the government to government sectoral framework agreements petroleum of Pakistan can develop under BOOT (build, own, operate and transfer) or EPCF (engineering, procurement, construction, and financing) modes by Chinese companies”, Abbasi said in a statement.
“Numerous major investments from private sector terminal developers and LNG producers are in the pipeline.” Petroleum minister, during a meeting with the Chinese delegation, led by Nur Bekri, administrator at National Energy Administration (NEA), said a regulatory regime for LNG providing full third-party access has been developed.
Pakistan started its first LNG terminal with a re-gasification capacity of about 600 million metric cubic feet per day and further planned its increase 4.5 million tons.
Oil & gas is a market-based sector that is economically practical sustainable Pakistan and China joined hands to fight energy crisis to help public and industries of Pakistan said, Minister Abbasi.
Bekri applauded the recent progress of Pakistan in power shortages by setting LNG and coal-fired power plants in the country. “China would encourage both the public and private oil and gas companies of China to explore multiple roads in the petroleum sector of Pakistan,” he said.
“Both sides agreed on the establishment of an oil and gas sub-group to facilitate future and identified oil & gas projects in Pakistan”.