QatarEnergy to be shareholder in LNG terminals being set up at Port Qasim

A picture shows Qatar's principal site for the production of liquefied natural gas, administrated by Qatar Petroleum near the capital Doha, on February 6, 2017. (AFP/FILE)

• Pakistan has become emerging buyer in international LNG market over last few years
• Pakistan imports more than half of its LNG through long-term contracts

ISLAMABAD: State-owned QatarEnergy will be a shareholder in a private sector LNG terminal being set up at Pakistan’s Port Qasim, the ministry of maritime affairs said this week.
Port Qasim, one of Pakistan’s largest ports, is located 28 miles south-east of the country’s largest city, Karachi. The South Asian country has become an emerging buyer in the international LNG market over the last few years, with an increasing gap between demand and supply of gas.
Pakistan and Qatar agreed to address all issues related to the development of LNG terminals during a video conference held on Tuesday between Qatari energy minister Saad Sherida Al-Kaabi, and Pakistani Federal Minister for Maritime Affairs, Syed Ali Haider Zaidi.
“Minister Al-Kaabi, who is also the President and CEO of QatarEnergy apprised the participants that QatarEnergy fully supports and will be a shareholder in one of the private sector LNG Terminals being set up at Port Qasim,” the maritime affairs ministry said on Twitter.
“Minister Al-Kaabi will visit Pakistan at the signing of implementation agreement,” the tweet added.
Pakistan imports more than half of its LNG through long-term contracts, which buffers it somewhat from spot price volatility. In recent months, there have been a spate of cancellations of cargoes.
The country with a population of over 200 million has struggled with energy shortages and rising power prices, with electricity still not available to 50 million people in the country who need it, according to a 2018 World Bank report.