ExxonMobil partners with Pakistan for LNG terminal
Singapore. ExxonMobil is working with a group of Pakistan’s large businesses on a proposal to build and supply the country’s third import terminal for liquefied natural gas, the country’s minister for maritime affairs said.
"Exxon has partnered with Pakistani consortium Energas to develop the import terminal," Mir Hasil Khan Bizenjo also said by phone on Friday, without providing further details, World Oil reported.
An Exxon spokesman in Singapore was not immediately available to comment.
According to a presentation the companies made to the country’s regulators on Thursday, a copy of which was obtained by Bloomberg, the group plans to start building a $150 million offshore terminal at Port Qasim near Karachi in May, pending government approvals.
Exxon and Qatar would supply LNG to the terminal, which is expected to be completed by the end of 2019, according to the presentation.
With a population of more than 200 million and an economy growing above 5%, Pakistan has the largest appetite for LNG among emerging markets, according to Bloomberg New Energy Finance.
The nation’s domestic gas production has remained stable for more than a decade despite growing demand.
The terminal will have throughput capacity of 750 million cubic feet of gas, or about 5.6 million tons a year of LNG, according to the presentation.
Exxon and Energas already have customers for about 300 mcf/d, including power plants, it said.
Energas is a consortium of large Pakistani businesses looking to secure long-term gas supply on preferential terms, including Yunus Brothers Group, which owns Lucky Cement Ltd. and Sapphire Group.