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Pakistan, Qatar sign $16 billion LNG deal

February 10, 2016 was marked the day of signing the long-awaited multi-billion dollar deal between Pakistan and Qatar related to liquefied natural gas (LNG). The said deal will provide Pakistan with imported fuel to meet domestic fuel requirements for 16 years.

The agreement of $16 billion was signed by Petroleum Minister Shahid Khaqan Abbasi and Chairman Qatargas Board of Directors Saad Sherida in Doha in the presence of Pakistan premier Nawaz Sharif and Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa al Thani. Nawaz Sharif is on two-day official tour to Qatar just for the signing ceremony of this LNG deal.

After the signing ceremony, Pakistani Petroleum Minister told the media that the deal will be the game changer for Pakistan as Qatar will export 3.75 million tonnes of LNG to meet the supply and demand gap in the energy-starved Pakistan. The current gap between supply and demand is 2-4 BCFD (billion cubic feet per day).

“This agreement has been hailed around the world as the most cost effective deal for LNG globally under which Pakistan will keep importing fuel from Qatar till 2032.”

He further added that the deal will help Pakistan to save $1 billion annually and further $600 million in costs for diesel used for power generators. 

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