Import of Liquefied Natural Gas gets Cabinet’s approval

Islamabad, April 18, 2014 (PPI-OT): During a cabinet meeting, chaired by the honorable Prime Minister Mian Nawaz Sharif, the Federal Cabinet approved import of Liquefied Natural Gas (LNG) and a LNG terminal to be constructed in Port Qasim Karachi.

Sheikh Imran ul Haq – CEO, Elengy Terminal Pakistan Limited said, “It is a very positive step that the cabinet has approved the policy of the Ministry of Petroleum to import LNG and to establish a LNG terminal at Port Qasim, Karachi. The project has evolved over the last 7 years and it is to the credit of this government that decision has been finally taken. ETPL is committed to developing the terminal within the 335 day deadline so that Pakistan can begin the import of LNG as per schedule.”

This visionary decision will enable the government to save around 60 billion rupees per annum in oil imports and alleviate the energy crisis plaguing the country. In addition it will have a positive impact on circular debt and is expected to reduce the weighted average electricity tariff by at least 10% if LNG were to replace HFO and HSD in existing power generation units.

Engro applauds this landmark decision and reiterates its firm commitment to fulfill its obligations in a timely manner to facilitate energy security and accelerate the industrial development in the country.

For more information, contact:
Engro Vopak Terminal Limited
16th Floor, The Harbor Front Building,
HC-3, Marine Drive Block 4, Clifton,
Karachi 75600, Pakistan
Tel: +92-21-35293901-3
Fax: +92-21-35293906
Email: info@engrovopak.com

The post Import of Liquefied Natural Gas gets Cabinet’s approval appeared first on Business News Pakistan.

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