International LNG Firms Interested To Invest $500m In Pakistan Without Burdening Government
Government pays around $250,000 per day per terminal for Rental and Regasification charges. This will cost Pakistan Rs 420 billion in the next fifteen years.
Foreign investment in the liquefied Natural Gas (LNG) had previously placed a financial burden on the state due to financial subsidy and off-take guarantees. On Wednesday, a Parliamentary body was informed that international companies investing in liquefied natural gas (LNG) would bring in roughly $500 million foreign direct investment without subsidy.
New Details Regarding Two LNG Terminals:
The Standing Committee of National Assembly on Maritime Affairs held a meeting where members inquired about the details of two new LNG terminals. It was noted that $10 million was being paid for the land alone.
The driving factor behind LNG imports over the past decade have been to reduce the bill with expensive furnace oil. It will also eliminate carbon emissions and increase power sector efficiencies.
$250,000 Per Day
The members of the committee were briefed that the Government pays around $250,000 per day per terminal for Rental and Regasification charges. This will cost Pakistan Rs420 billion in the next fifteen years.
However, the Government will not be paying any rental charges for the new LNG terminals.
Excellent Initiative By MoMA:
The committee appreciated the Ministry of Maritime Affairs (MoMA) for placing two of the new LNG terminals at Port Qasim at excellent terms
The Ministry of Maritime Affairs (MoMA) also participated in the International Maritime Organisation (IMO), where the federal minister made history by not only addressing representatives from 88 countries but also solicited the case of Pakistan expertly.
The good news continued to come as Secretary Maritime Affairs Rizwan Ahmed informed members that Pakistan was appointing a permanent representative in IMO and planned to take part in elections in 2021.