Today, as we proudly celebrate the Launch of Pakistan's first LNG Project, I would like to extend my greeting to Port Qasim Authority, Pakistan GasPort Limited and all stakeholders on this occasion.
This Floating LNG Terminal Project is being situated at Port Qasim on a BOT basis and will serve to alleviate the acute shortage of natural gas in the country and help meet our ever-increasing demand due to growth in the economy, population and industrialisation. In the near future it is expected that increasing demand for gas will further widen the demand-supply gap.
Keeping in view the development policies of the Government, Ministry of Ports & Shipping and Port Qasim Authority adopted a proactive strategy, took initiative and offered numerous viable sites for the establishment of Floating LNG Terminals on fast-track. This floating LNG terminal is being set up by Pakistan Gasport Limited at a cost of US $160 million and having a capacity of 3 million tonnes per annum with neither Government funding nor throughput guarantees on a non-exclusive basis and is expected to be commissioned next year.
This Project is yet another landmark commitment fulfilled by the Government to counter the energy deficit in the country. I congratulate Port Qasim Authority and the sponsors, Pakistan Gasport Limited, and wish them all the success in implementation and realisation of the Project within the target timeframe.