Qatar LNG deal to bridge energy shortfall gap: PIAF

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh, appreciating the landmark deal of Liquefied Natural Gas with Qatar, has observed that it would help the government overcome energy shortfall in the country by at least 20 percent.

H said that the deal would save the country $1 billion annually while a further $600 million could be saved in diesel costs for power generators.

He said that forty six billion dollars investment from China, LNG agreement with Qatar and decision of export of manpower to other countries will help country achieve a growth target of seven percent in a speedier manner.

Terming the deal as a game changer for the local industry, PIAF Chairman said that with the supply of 3.75 million tons of LNG to the energy-starved country the supply-demand gap, which is standing at approximately 2-4 billion cubic feet per day, will be decreased.

Under the agreement with Qatar, three LNG-carrying ships would reach Pakistan every month which will be started within 2016. He said that China Pakistan Economic Corridor is a big breakthrough and its early completion would ensure progress and prosperity in the country and would connect the country to the Central Asian States. He urged the government to ensure timely completion of all projects to keep the momentum of ongoing growth continue.

He said that it was a fact that petroleum prices fell from $124 per barrel to $31 in the international market and the government made the deal when the oil price was lowest in the world.

Irfan Iqbal Shiekh said that although economy had not growing at faster pace so far, however the positive developments on the economic front are giving encouragement to the business community.


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