Hoegh to be a Part of Consortium to Raise Pakistan LNG Imports
The development of Floating
Storage and Regasification Unit (FSRU) and natural gas pipeline network would
support the growing demand for LNG in the country
Pakistan: Qatar Petroleum (QP), Total, Mitsubishi,
ExxonMobil, and Hoegh LNG announced to boost the Liquefied Natural Gas (LNG)
import project in Pakistan in association with Global Energy Infrastructure
Limited (GEIL). The consortium would include the development of Floating
Storage and Regasification Unit (FSRU), a jetty and a pipeline network in a bid
to supply natural gas to Pakistan. The regasification capacity of the project
is expected to be 750 million cubic feet per day by the end of 2018. The
project will ensure reliable natural gas supply to Pakistan.
TechSci Research depicts that the demand for
natural gas is growing rapidly in Asian nations such as Pakistan. The
development of natural gas infrastructure in the country would help in tapping
the huge demand for natural gas arising out of government’s aim to promote
clean fuel such as natural gas. The development of project will ensure reliable
supply of natural gas in Pakistan. The construction of such an infrastructure
would ensure the consistent supply of natural gas to the rural regions of
Pakistan, thereby helping in meeting fresh demand for natural gas in the
region. This is expected to boost the global LNG market in coming years as
well.
According
to released report of TechSci
Research, “Global LNG Market Demand & Supply
Analysis, By Region, By Country, By LNG Terminal, Competition Forecast and
Opportunities, 2011-2025”, global LNG supply market is forecast to exhibit a CAGR of
over 5% during 2016-2025, on account of rising demand for cleaner fuels;
oversupply of LNG due to liquefaction capacity additions in Australia, US and
Papua New Guinea; and declining prices of LNG over the last few years. In
2015, global LNG export market was dominated by Qatar and Australia, due to
huge natural gas reserves and large liquefication capacities in these
countries.