Finance Minister Dr Abdul Hafeez Sheikh said on Friday the government was making efforts to overcome the energy crisis and the private sector should help the country by importing Liquefied Natural Gas (LNG). He said this while addressing the media after witnessing the signing ceremony between the Overseas Private Investment Corporation (OPIC) of United States and Pakistan Gasport Limited for the construction of LNG terminal project for import of 500 million cubic feet (mmcf) LNG. The signing was also witnessed by minister for port and shipping Babar Ghauri.
The minister said Pak-US relations were headed in the right direction as is obvious from the investment of $100 million by US investors in the country. He said the private sector can play its role to overcome energy needs of the country, and the government can facilitate the private sector by removing hindrances in their way. He said after completion, the project will help produce affordable electricity and reduce shortage. Speaking on the occasion, Babar Ghauri said at present the country faces acute energy crisis and practical steps are needed in this regard. He said this is the first of the three such projects to be signed, and work on the other two would also start soon.
The main sponsor of the project is Joint Venture Limited (JJVL). The $166 million project will be able to handle 500 mmcfd of LNG. The construction on the project will start by January next year with the estimated completion period of one year. The location of the project is at Kaderio Creek, Port Qasim, Karachi. The technology used for the project is Fuel Storage and Re-gasification Unit (FRSU) connected via a sub-sea pipeline to the onshore metering station.
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