19 August 2017, Sweetcrude, Lagos — The Pakistan government is set to ink a Liquefied Natural Gas, LNG) deal with Nigeria and Algeria, SweetcrudeReports has learned.
According to a Pakistani newspaper, The Tribune Express, the deal is a multi-billion dollar one with state company, the Nigerian National Petroleum Corporation, NNPC.
Pakistan currently imports 4.5 million tons of LNG per annum and the volume will increase to 9 million tons before the end of this year.
The projection shows that Pakistan will need 20 million tons of LNG annually within three years and 30 million tons in five years.
According to the newspaper, the deal is at the presentation stage.
The Pakistani government will have to make a formal presentation to its cabinet for ratification.
Algeria’s gas output in 2016 stood at 132.2 billion cubic meters, up from 128.3bcm in 2015.
The country that is currently competing with LNG production by the US and others, is boosting output in an attempt to defend its market share.