Sui Northern Gas Pipelines Limited (SNGPL) has entered into a mega loan agreement amounting to Rs 54.670 billion with a consortium of banks led by Habib Bank Limited. Other banks in the consortium are UBL, NBP, ABL, Bank Alfalah, Askari Bank, Dubai Islamic Bank, Meezan Bank and Faysal Bank. This term loan is for a tenor of 10 years and is backed by the sovereign guarantee from Government of Pakistan. This loan has been arranged for financing of pipeline infrastructure development Project Phase-II for smooth transmission of imported RLNG and indigenous gas supply to its intended consumers.
Amjad Latif Managing Director SNGPL signed the agreement on behalf of the Company. Saghir-ul-Hasan Khan CFO, Asif Iqbal Qureshi General Manager (Treasury) and Ms Wajiha Anwar Acting GM (Law) were also present. The Lead Bank, Habib Bank Limited was represented by Saulat Ali Khan Head of Corporate Banking and Ms Mehrukh Burki, Team Leader Corporate Banking Group.
According to the spokesperson of the SNGPL in phase II of the said development project, pipelines of 42" - 16" dia x 762 KM will be laid from Qadirpur- Bhong- Uch-Multan-Qadirpur-Rawan-Sahiwal-Phool Nagar - Qilla Sattar Shah-Tatlayali and Khurrianwala to Shahkot. Phase-I of the development project is near completion. After this augmentation, SNGPL's network downstream Sawan would be able to pick up additional 1200 MMCFD gas supply. The project is expected to be completed by the end of this year.