Pakistan Govt plans to ink multi-billion-dollar LNG deal with Nigeria
(Ecofin Agency) - The Pakistani government has revealed plans to enter into a multi-billion dollars supply deal for the importation of Liquefied natural gas from Nigeria.
According to a Pakistani newspaper, the Tribune Express, a draft agreement will be presented by the government to the cabinet for approval before signing the deal with Nigeria to import LNG. This will be followed by the signing of commercial contracts for the implementation of the proposed plan.
Pakistan currently imports 4.5 million tons of LNG per annum. This volume is expected to increase to 9 million tons before the end of this year. Projections have, however, shown that the South Asian country will need 20 million tons of LNG annually within three years and 30 million tons in five years.
The International Gas Union’s World LNG 2017 report has shown that Nigeria was one of the top five LNG exporters by share between 2015 and 2016, even though Nigeria LNG’s production dropped 1.8 million tons in 2016.
Pakistan also intends to ink gas supply contract with Algeria.