Pakistan and Qatar strike 10-year LNG deal
Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar said on Friday that Pakistan would save an amount of around $3 billion in the import of Liquefied Natural Gas (LNG) under a 10-year agreement signed with Qatar at 10.2pc of the Brent, which would be effective from January 2022.
“Today we have signed a very important agreement with Qatar. Our earlier agreement [signed by the PML-N government] with Qatar was of 13.37pc of the Brent, under which an average five cargoes arrive every month. But, we [the PTI government] gave inked the deal at 10.2pc of the Brent,” he said while sharing with media details of the agreement, which was signed in the presence of Prime Minister Imran Khan at the PM House.
This contract, he said, was “almost 31pc lower” as compared to the previous agreement signed by the Pakistan Muslim League-Nawaz (PML-N) government.
“It is a 10-year agreement and the price can be renegotiated after a period of four years,” he informed, adding that the existing agreement was of 15 years, under which the price was fixed for a period of 10 years.