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LNG import price to be finalized soon: minister

ISLAMABAD: Petroleum Minister Shahid Khaqan Abbassi has said that import price of Liquefied Natural Gas (LNG) will be finalized within few days, ARY News Reported.

While briefing National Assembly Standing Committee on Petroleum, Shahid  Khaqan Abbasi said a team of Qatar has already arrived in Pakistan and is negotiating the rates along with the terms and conditions at which Pakistan is set to import the super-chilled fuel.

He said the LNG will cost $11.5 per cubic feet including all the expenditures.

The Petroleum Minister informed committee that if the same amount is spent on producing electricity from LNG instead of furnace oil, there will be an increase of 10 percent in the efficiency of the power plants while increase of about 50 percent will be witnessed when compare to diesel.

He said that there will be a saving of around $1 billion if all the existing power plants consume LNG instead of furnace oil.

Shahid Khaqan Abbassi also informed that Independent Power Producers (IPPs) are not co-operating in buying of LNG while Bahria Town, DHA and K-Electric have shown interest in purchase of LNG.

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