Government LNG policy reduced energy crisis, boosted economic activity

The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Sunday said Government's LNG policy is matchless and perfect which has reduced energy crisis, improved productivity resulting in the provision of jobs.

The government implemented its LNG policy well in the time that has reduced energy scarcity in the country and improved confidence of the investors, it said.

One LNG terminal is insufficient for the needs of the country, therefore, the government should construct additional terminals on fast track basis while private companies interested in this business should also be facilitated, said Atif Ikram Sheikh, Chairman FPCCI Regional Committee on Industries.

He said that Industrial units, power plants, textile industry, fertiliser sector and CNG sector rely on the imported gas while one terminal lacks the capacity to satisfy needs of all the sectors.

Moreover, in the case of any fault all the sectors dependent on imported fuel suffer a lot resulting in heavy losses which call for alternative arrangements, he added.

Atif Ikram Sheikh said that recently the sole LNG terminal wasn’t fully operational for few days resulting in the suspension of gas supply in Punjabcreating problems for the private sector and the masses.

He said that the terminal with a regasification capacity of 600 million cubic feet per day (mmcfd) was not entirely operational and gas supply suspension to four power plants increased power shortfall by 800 megawatts which added to the miseries of the masses in the hot weather.

Loadshedding in Lahore was been increased to six hours while the rural areas faced power outages for 10 hours as some of the industry facing suspension of the gas had switched to the electricity which increased their cost of production.

He demanded that Karachi-Lahore LNG pipeline should be completed soon while LNG prices should be negotiated keeping in view of the Gulf crisis which is set to reduce the price of the fuel.