Petroleum Minister Musadik Malik said on Thursday that Pakistan had two long-term gas agreements with Qatar, under which ten liquefied natural gas (LNG) cargoes arrived every month.
During a meeting of the National Assembly’s Standing Committee on Petroleum, chaired by Mustafa Shah, Malik said that negotiations on an additional contract with Qatar had been scheduled for the following year.
"We had long-term gas agreements with Qatar," he said, adding that a contract at a rate of $13.37 per MMBtu had been in effect. He acknowledged that the agreement had been expensive but necessary.
The minister disclosed that five LNG cargoes had been deferred. "We postponed five LNG cargoes," stated Malik. He elaborated that, under the agreement, Pakistan had the flexibility to delay shipments and retrieve them when required.
He explained the scheduling obligations with Qatar, stating that Pakistan had to submit an LNG cargo plan every September and October. "Under the contract, we could defer cargoes and reclaim them when needed," Malik added.
