BY THE GRACE OF GOD, Pakistan GasPort's LNG import terminal has been successfully completed and will play its unique part in meeting the country's energy requirements. With an estimated investment of about half a billion dollars by PGPL, BW Group, and Fauji Oil Terminal and Distribution Company Limited (FOTCO), this project is evidence of the strong faith that investors, local and foreign, place in Pakistan and its economic potential. PGPL is pleased to be working with BW, Trafigura and FOTCO on this facility.
This milestone project, awarded through an international competitive bidding process overseen by U.K. based Galway Group, will provide up to 600mmscfd of LNG storage and regasification services to state owned Pakistan LNG Terminals Limited (PLTL), at a tolling tariff of $0.4177/mmbtu, and another 90mmscfd of RLNG to private sector buyers. The terminal will be the primary fuel source for at least 3,600 megawatts of new power generation capacity being installed by the federal and provincial governments in the Punjab.
PGPL and Trafigura are rapidly developing another LNG terminal, which will also be located at Mazhar Point, for the private sector and without any buyback guarantees from or financial exposure of the government. PGPL's principal sponsor, Associated Group (AG), and Trafigura are also advancing the setting up of the country's first refrigerated LPG import terminal. The two LNG terminals alone will represent an investment of about $1 billion. We are ready, willing, and able to provide viable, world-class solutions to overcome our country's energy crisis.
PGPL and its associates wish to thank His Excellency Prime Minister Shahid Khaqan Abbasi and the government for opening and growing the Pakistan market to investors. For their support to this project, we wish to thank, among others, the Ministry of Energy, the Oil and Gas Regulatory Authority (OGRA), PLTL, Pakistan LNG Limited (PLL), Mr. Agha Jan Akhtar and Port Qasim Authority (PQA), Lt. Gen. Khalid Nawaz Khan (retired) and FOTCO, BW, Trafigura, Xinjiang Petroleum Engineering Company Limited, Third Harbor Engineering Company Limited, Third Harbor Consultants Company Limited, Sui Southern Gas Company Limited (SSGC), Customs authorities and the Federal Board of Revenue (FBR), the State Bank of Pakistan (SBP), the Sindh Environmental Protection Agency (SEPA) and the Government of Sindh, Arif Habib Limited, our investors, consultants, counsels, and financing institutions. We are grateful to everyone involved with this project for their hard work and dedication in making it possible. PGP
Comments
Comments are closed.