ISLAMABAD, Pakistan: Pakistan has signed a liquefied natural gas (LNG) import agreement with Qatar, the federal Minister for petroleum and natural resources Shahid Khaqan Abbasi said on Friday.
Talking to the media representatives in Islamabad, the minister said that the LNG import price will be submitted before the Economic Coordination Committee (CEC) for approval.
The petroleum minister said that the first shipment of LNG will reach Pakistan by the end of March.
The minister said that the electricity generation through LNG will reduce cost of production by 40 percent as compared to diesel. He said that LNG will initially be provided to four power plants in Punjab and Kot Addu Power Company (KAPCO) for power generation.
Earlier, the ministry of petroleum and natural resources and Kuwaiti company signed a memorandum of understanding
(MoU) for oil exploration in the country. Under the agreement, the company will invest $9.5 million in Pakistan.
The MoU will help enhance oil production in the country which currently stands at 100,000 barrel.
