Qatar Petroleum (QP), Total, Mitsubishi, ExxonMobil, and Höegh LNG today announced their commitment to advance a liquefied natural gas (LNG) import project in Pakistan in collaboration with Global Energy Infrastructure Limited (GEIL), tHöegh LNG said in its press release.
The Consortium will seek to develop a project that includes a Floating Storage and Regasification Unit (FSRU), a jetty and a pipeline to shore to provide a timely and reliable natural gas supply to Pakistan. The FSRU will have a minimum regasification capacity of 750 million cubic feet per day by 2018.
Pakistan has a large demand for natural gas and a well-established gas market and distribution system.
The companies forming the Consortium are global leaders in producing, shipping and marketing LNG with a strong track record of delivering on project execution in a very competitive global LNG market.
Natural gas is a cost-competitive fuel and can deliver significant environmental benefits. This project has the potential to deliver substantial, reliable natural gas supplies to the public and private sectors in Pakistan. The FSRU has been committed with Höegh LNG, and the consortium is promptly advancing through the necessary technical and commercial milestones.
About Qatar Petroleum
Qatar Petroleum is an integrated national oil company (NOC) responsible for the sustainable development of the oil and gas industry in Qatar and beyond.
Qatar Petroleum's activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, refining, production, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminum.
About Total
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world's second-ranked solar energy operator with SunPower.
About Mitsubishi Corporation
Mitsubishi Corporation currently has seven Business Groups which develop operations in the diverse fields of Global Environment & Infrastructure Business Development; Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, Mitsubishi Corporation has also established its Business Service Group.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, is a leader in developing and applying technology to overcome global energy challenges. ExxonMobil holds an industry-leading inventory of energy resources, is among the largest refiners and marketers of petroleum products and its chemical company is one of the largest in the world.
About Höegh LNG
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, China, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 110 office staff and 500 seafarers.