The US-based Overseas Private Investment Co-operation (OPIC) will provide over 100 million dollars to Pakistan for Pakistan Mashal LNG project, the country's first venture to import liquefied natural gas (LNG) from Qatar, Business Recorder learnt here on Wednesday.
Pakistan expects to import 3.5 million tons LNG from Qatar as a short-term measure to meet the country requirements. "At present, Pakistan and Qatar are negotiating the deal that is expected to be finalised within a month," said the sources. The Petroleum Ministry would move a summary regarding the deal with Qatar to Economic Co-ordination Committee of the Cabinet for approval by end of current month, the sources added.
Meanwhile, according to a statement issued here, a US delegation, headed by Special Representative for Afghanistan and Pakistan, Ambassador Richard Halbrooke, called on Federal Minister of Petroleum and Natural Resources Syed Naveed Qamar on Wednesday. US Ambassador Anne W Patterson also attended the meeting. During the meeting, views were shared on matters of bilateral co-operation and mutual interest with particular focus on the on-going co-operation in the field of energy. Ways and means to further enhance the existing relations and to support projects intended to reduce the energy shortfall in the country also came under discussion.
Syed Naveed Qamar, giving an overview of his efforts for mitigating fuel demand supply gap, said that significant progress had been made to meet the oil and gas demand, particularly in the short and medium-term through LNG imports, and the matter would soon be placed on the agenda of Economic Co-ordination Committee (ECC) of the Cabinet.
Syed Naveed Qamar said that the US assistance in LNG projects was highly appreciable as the keen interest evinced by the Overseas Private Investment Co-operation (OPIC) in supporting the LNG import projects in Pakistan and could further go beyond the LNG projects.
Many operators with the US equity were showing interest, especially for the short and medium-term, in the project, he added. Pakistan was an "important" and "a great country" and meeting Pakistan's requirements was the US top priority, Halbrooke said, who apprised the minister of his government's keen interest in addressing the country's need by extending support in areas of oil and gas and water. Halbrooke also underscored the need to enhance understanding and confidence so as to maximises trust. Ambassador Patterson, speaking on the occasion, said that a huge potential existed for entrepreneurs to partner with Pakistani investors.