He said LNG contract with UAE had not been signed.
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The Minister said LNG is being used in fertilizer and power sectors.
He said the LNG terminal was also built in a record period and that the country’s electricity shortage will be overcome with the construction of second such terminal.
Jae proposed that Northeast Asian nations embark on joint study of questions such as how to form LNG prices.
Indonesia looks to make natural gas one of the country´s main energy sources.
Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has said that the Oil and Gas Regulatory Authority (Ogra) is likely to fix Liquefied Natural Gas (LNG) price by the end of September. Energy ministers as well as over 1,000 businesspeople and government officials from more than 50 nations participated in the fourth meeting.
He said that the oil mafia made all possible efforts to stop LNG import but government ensured completion of first LNG terminal in a record time, adding that Pakistan has become importer of the commodity at the moment.
“If we convert all the oil-based independent power producers [IPPs] to the LNG, it will save around 200 billion rupees”.
He added that the State of Qatar harnessed huge investments to provide clean energy for consumers in all parts of the world, contributed to reducing harmful emissions to the environment and developed other environmental projects to reduce those emissions such as gas recovery project which was opened in April with a cost of more than a billion dollars.
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Addressing a press conference, Shahid Khaqan Abbasi said the previous governments kept trying for 10 years to get LNG but the incumbent government succeeded in bringing the much-needed fuel in just twenty months. On annual basis, LNG is compatible with the prices of Iran-Pakistan (IP) and Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline projects, the minister claimed, adding that in some cases it may be cheaper than these imported gas. He said that the tolling fee of $0.66 per Million British Thermal Unit (MMBTU) for 15 years was lowest as compared to global practices. Abbasi revealed that suppliers had quoted LNG at 11.2% to 17% of Brent crude price, but the gas was imported at a price below the 14% benchmark set by the government. He said the private sector could also import LNG according to their demands and contracts.
