Pact for LNG import inked

The first Liquefied Natural Gas (LNG) terminal project for the import of 400-500 million cubic feet (mmcf) LNG was signed here on Friday in order to overcome energy crisis in the country and to reduce growing dependence on expensive furnace oil. The agreement was signed between Overseas Private Investment Corporation (OPIC)-an American company and Pakistan Gasport Limited (PGP) which was also witnessed by Federal Minister for Finance Dr Abdul Hafeez Shaikh and Federal Minister for Port and Shipping Babar Ghauri. The US $ 166 million project’s capacity would be 400-500 million mmcfd and the project will start its work by January 2012 and its completion period is one year.“With the growing demand of energy, the country desperately needs to import electricity and gas in order to provide electricity and other facilities to the people on cheaper rates”, Dr Hafeez Shaikh said while talking to media after the signing ceremony of the agreement .He said that the private sector can play its role to overcome the energy needs of the country and what the government can do is to facilitate the private sector and to help remove hindrances in their way.