Vowing cooperation Pakistan, Qatar signed a ten-year LNG deal

PM laid foundation of Central Business District in Lahore

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Pakistan and Qatar signed a ten-year LNG agreement in Islamabad on Friday. The signing ceremony was witnessed by Prime Minister Imran Khan.Under the agreement, Qatar will provide three million tons of LNG to Pakistan for ten years.

 

Speaking on the occasion, Qatari Energy Minister Saad Sherida al-Kaabi termed the LNG agreement a historic one for both the countries. He expressed the confidence that this will lead to promotion of cooperation between the two countries.

 

Special Assistant on Petroleum Nadeem Babar said the new agreement signed with Qatar for import of LNG is supportive and meets our needs and requirements. He said the agreement is a start of a new era and take the bilateral relations between the two countries to new heights.

 

The Special Assistant said Pakistan will further engage with Qatar in petrochemical supplies

Prime Minister Imran Khan performed the groundbreaking of Central Business District in Lahore on Friday.

Special Assistant on Petroleum Nadeem Babar has said the ten year LNG contract signed with Qatar is thirty one percent cheaper compared to the previous agreements.

 

Addressing a news conference in Islamabad on Friday, he said it is the lowest publicly disclosed LNG contract in terms of price in the world.

 

The Special Assistant said this deal will help the country save three hundred and sixteen million rupees annually. It will make a difference of three billion dollars for ten years.

 

Nadeem Babar said the previous agreement with Qatar was for fifteen years under which the price was fixed for ten years. He said the new agreement however envisages price reopening after four years.

 

The Special Assistant said under the previous agreement, the letter of credit worth 170 million dollars was given to Qatar but under the new arrangement eighty four million rupees will be given to the fraternal country .

 

The Special Assistant said under the new agreement, the country will receive two LNG ships on average per month and in a period of three years, the number of ships will increase to four.

 

The Special Assistant said the new agrement will be effective from January next year. However, there is a provision that the country can get the LNG by the end of this year.

Addressing a ceremony on the occasion, the Prime Minister said this project will serve as a business hub that will help in wealth generation.

 

Imran Khan was confident that this project will help generate six thousand billion rupees. In the first phase, he said the project will generate 1300 billion rupees and the federal government will get two hundred and fifty billion rupees in taxes.

 

The Prime Minister stressed that wealth generation projects are important to strengthen the economy enabling it to return the loans.

 

Imran Khan regretted that the economy was mismanaged in the previous two governments.  He said we inherited difficult economic situation. He however expressed satisfaction that the current account surplus remained surplus during the first six months of current fiscal year.  He said our textile exports are also witnessing increase and new industries are being set up in the country.

 

Referring to Naya Pakistan Housing Project, the Prime Minister said this will provide affordable houses to the salaried class and the labourers.

 

The Prime Minister said Pakistan and Qatar have signed a new LNG import agreement for ten years. He said it took the government three years to negotiate this agreement which will help save three hundred million dollars annually.

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