AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

A consortium including Dana Gas has signed an agreement to develop a liquefied natural gas (LNG) terminal in Pakistan at an estimated cost of $200 million, the UAE company said on Sunday. A statement said that Dana Gas, Single Buoy Moorings (SBM), and US-based Granada Group, signed a memorandum of understanding (MoU) for the LNG terminal at Port Qasim, Karachi, which would have an initial capacity of 3.5 million tons a year.
It said the consortium was holding talks with major LNG producers, but did not name them. "Dana Gas has the objective to develop a network of LNG terminals mainly in the ''Mena'' (Middle East and North Africa) region and to tap the LNG value chain including LNG trading activities," the statement said.
It said that Dana Gas signed a co-operation agreement with SBM, under which the United Arab Emirates'' firm would focus on LNG marketing activities, and SBM on the supply and operation of LNG floating storage and regasification terminals.
"The newly formed alliance will initially target LNG terminal projects in Pakistan, Lebanon and Kuwait," it said.
Pakistan, which has its own gas fields, expects to have a supply deficit as soon as 2008. Plans to import LNG and pipeline gas from Iran and Turkmenistan are based on projected gas demand growth of about 6.5 percent a year.
Industry sources in Pakistan said they expected the LNG terminal to be completed around 2010.
Dana Gas was set up to deliver gas to utilities and industrial users in the UAE. With an agreement to import Iranian natural gas delayed, Dana Gas second-quarter earnings came entirely from investments and financing activity.
The firm said it aims to invest in the upstream gas industry in the Middle East, the transmission and distribution sector and gas-related industries such as petrochemicals.
The statement said that natural gas consumption in the Middle East has been growing by an average 5.9 percent a year in the last 10 years, driven mostly by demand for power generation due to growing populations and an industrialisation drive.

Copyright Reuters, 2006

Comments

Comments are closed.