Pakistan, Qatar ink new LNG import pact

LNG Import Agreement

ISLAMABAD: Pakistan on Friday inked a new agreement with Qatar for the import of Liquified Natural Gas (LNG), ARY News reported.

The ceremony held in Islamabad was also attended by Prime Minister Imran Khan. Energy Minister Umar Ayub and his Qatari counterpart signed the agreement on behalf of their respective countries.

According to the agreement, Qatar will provide three million tones of LNG to Pakistan in the next ten years. The new agreement for Liquefied Natural Gas (LNG) with Qatar will save $300 million annually of Pakistan’s exchequer.

Speaking at the ceremony, SAPM on Petroleum, Nadeem Babar said that the new era of mutual relations has kicked off between Pakistan and Qatar with the new agreement.

He said that the agreement will help in opening new ways for industrial cooperation.

Earlier this year, Pakistan allowed its private sector to import Liquefied Natural Gas (LNG) as the oil and gas regulatory body issued import licenses to at least two companies.

Read more: Cabinet gives nod to new LNG import agreement with Qatar   

Pakistan’s Oil and Gas Regulatory Authority (OGRA) had reportedly issued 10-year term LNG importing licenses to at least two private sector companies.

It is to be mentioned here that Ex-PM Abbasi, Miftah Ismail, ex-PSO MD Imranul Haq and others are accused of awarding an LNG import contract allegedly at exorbitant rates in 2015, which caused a big loss to the national exchequer.

The post Pakistan, Qatar ink new LNG import pact appeared first on ARY NEWS.



from Business – ARY NEWS https://ift.tt/3pY8Wpu

Comments

Post a Comment

Popular posts from this blog

74% of improvement works completed in three stations of Dubai Metro Red Line

Image
The Roads and Transport Authority (RTA) has completed 74% of a project to improve the entry points of three stations on the Dubai Metro Red Line namely the Dubai Internet City Station, Dubai Marina Station and the UAE Exchange Station. The selection of these stations was based on several criteria including the ridership, the number of users from People of Determination, the population density of the area, the geographical distribution of the surrounding areas, and the number of intermodal mobility journeys. The project aims to increase the capacity of stations to improve customers experience and improve the entry/exit points of stations to cater to the requirements of supply and demand in the area. The project will also contribute to transforming Dubai into a friendly city for people of determination and enhancing the connectivity with the metro stations. These improvements, which are funded by partners, will augment RTA’s revenues by creating additional space for commercial use. T
Read more

KE issues clarification on power tariff hike request

KARACHI: Karachi-Electric (KE) has clarified that it has requested the NEPRA for a tariff hike, which will have Rs0.49/kWh average impact of Fuel Cost Adjustment (FCA) of 6 months.  The KE spokesperson further clarifies, “the request made to NEPRA is in line with the mechanism given in KE’s Multi-Year Tariff whereby changes in fuel prices, generation and power purchase mix are passed through to customers along with certain annual adjustments.” “The major impact in monthly Fuel Cost Adjustment is due to increase in global prices of furnace oil, and RLNG. In line with KE’s request, NEPRA has scheduled a public hearing to allow Monthly Fuel Cost Adjustments (FCA) for the months of January 2021 to June 2021, and Quarterly power tariff variation for March 2021. Subject to the NEPRA Authority’s approval, the actual overall average impact of requests will be only PKR 0.49/kWh,” the spokesperson further added. The KE Spokesperson further adds, “similarly, the quarterly tariff variations inc
Read more

Govt committed to build strategic reserves of essential commodities: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has presided over the meeting of the National Price Monitoring Committee (NPMC) held at the Finance Division, ARY News reported on Monday. Secretary Finance briefed the meeting about the slight uptick in weekly SPI, which increased by 0.03 per cent during the week under review. Prices of 06 items witnessed a decline and 22 remained stable. The committee also reviewed the monthly inflation trend and noted that the CPI, which is 8.4% for July 2021 has declined by 1.3% as compared to the last month i.e. 9.7% in June 2021. The National Price Monitoring Committee also reviewed the prices of wheat, sugar, pulses, chicken and other essential food items in the country. The Secretary Ministry of National Food Security and Research updated the committee about the wheat procurement process and apprised that an order for the purchase of 220,000 tons of wheat has already been placed. While taking stock of the situation, the NPMC
Read more