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Pakistan, Qatar ink long-term LNG agreement

Staff writer |
Pakistan and Qatar signed an agreement for supply of 1$ billion Liquefied Natural Gas (LNG) to Pakistan annually to help the country meet its energy needs.

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Minister for Petroleum Shahid Khaqan Abbasi and Chairman of Qatar Gas Board of Directors Saad Sherida Al-Kaabi signed agreement in Doha.

Under the agreement, the price for each LNG cargo in a particular month has been agreed at 13.37 percent of Brent.

Qatar Liquefied Gas Company Limited will sell Pakistan State Oil Company Limited, LNG for a period from 2016-2031. The annual contract quantity for 2016 has been agreed at prorate of 2.25mt.

The agreement also provides for annual upward and downward flexibilities upto three LNG cargoes per contract year. Downward flexibility can be accumulated for two contract years.

The payment terms state that PSO will make payment fifteen days after completion of unloading.

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