Pakistan faces LNG glut: minister
Petroleum Minister Ali Pervaiz Malik stated this in an informal media talk here on Thursday.
Pakistan Tehreek-e-Insaf (PTI) government signed a second long-term LNG deal with Qatar for initial supply of 200 million cubic feet per day (mmcfd). Supplies increased to 300 mmcfd in 2023 and 400 mmcfd in 2024. The contract will remain in place for 10 years.
Pakistan looking to sell excess LNG amid supply glut curbing local gas output: document
The minister said that expensive RLNG compelled the government to suspend indigenous 300 mmcfd gas production and is trying to manage the supply and demand side.
Responding to recently increased fix gas charges, he said that Rs150 billion subsidy to protected gas consumers in addition to Rs250 billion RLNG diversion from power to domestic consumers compelled the government to increase the fix charges by Rs200, adding that the system gas was still cheaper than the LPG.
The minister for energy stated that Pakistan and Iran are currently in arbitration in Paris regarding the Iran-Pakistan (IP) gas pipeline project.
A dedicated oversight committee, led by Deputy Prime Minister Ishaq Dar, is monitoring the situation, particularly in the wake of the recent conflict between Iran and the United States.
He said that the must be one energy ministry for better coordination and both divisions (petroleum and power) and finance should submit summary to cabinet with consultation.
The minister addressed concerns regarding private sector involvement in Regasified Liquefied Natural Gas (RLNG) import and marketing.
He stated that the two existing RLNG terminals lack sufficient capacity to accommodate private sector imports of the costly fuel.
Consequently, the deregulation of petroleum products is expected to be a gradual process.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
33 minutes ago
- Express Tribune
Sindh CM remembers July 5 as 'darkest day' in Pakistan's democratic history
Listen to article Sindh Chief Minister Syed Murad Ali Shah has said that July 5, 1977 marks the darkest chapter in Pakistan's democratic journey. On this day, a military regime ousted the elected government of Shaheed Zulfikar Ali Bhutto, trampling over democratic values and public mandate. He said the removal of Bhutto was not just a political move but a direct attack on democratic principles and the people's will. Zulfikar Ali Bhutto, he added, gave political awareness to the nation, which dictatorships tried to suppress through force. مجھ کو مارا گیا، مجھ کو پیٹا گیا، مجھ کو سڑکوں پر جبرا" گھسیٹا گیا، کیا خطا تھی میری، کب یہ پوچھا گیا، مجھ کو باغی نصیبوں میں لکھا گیا، ہاں ! میں باغی ہوں ایسے منشور کا ۔۔۔۔۔۔۔۔ کالے دستور کا ۔۔!! #5thJulyBlackDay — PPP (@MediaCellPPP) July 5, 2025 Shah noted that the Pakistan People's Party has always resisted authoritarianism with courage and commitment. He said the events of July 5 remind us to continue the struggle for democracy, constitutional supremacy, and protection of public rights. He stressed the importance of remaining vigilant, as threats to democracy and national stability still persist. Shah concluded by paying tribute to Shaheed Zulfikar Ali Bhutto for his enduring contributions and sacrifices. On July 5, 1977, military dictator General Zia-ul-Haq overthrew the elected democratic government of Shaheed Zulfikar Ali Bhutto, imposed martial law, and suspended Pakistan's first consensual constitution. Read More: Black Day for PPP today Earlier in March, President Asif Ali Zardari conferred Pakistan's highest civil award on the late former prime minister Zulfikar Ali Bhutto, in recognition of his excellence, contributions, and remarkable achievements across various fields. In a prestigious ceremony held at Aiwan-e-Sadr, President Zardari awarded the Nishan-e-Pakistan—the nation's highest civilian honour—to the late prime minister and founder of the Pakistan Peoples Party (PPP). His daughter, Sanam Bhutto, received the award on his behalf, marking a significant moment in the country's history. Historically, on March 6, in its opinion on a presidential reference filed by President Zardari, the Supreme Court admitted that Zulfikar Ali Bhutto was not given the right to a fair trial—almost 44 years after the founding chairman of the Pakistan Peoples Party (PPP) was hanged in a murder case. Also Read: Shaheed Zulfiqar Ali Bhutto honoured with Nishan-e-Pakistan posthumously A nine-member larger bench of the apex court, led by Chief Justice Qazi Faez Isa, announced its opinion. The announcement was also broadcast live on the YouTube channel of the Supreme Court. Chief Justice Isa read out the court's reserved written order, stating that Bhutto's trial in the Lahore High Court (LHC) and subsequently in the Supreme Court was not conducted in accordance with the fundamental rights and fair trial guarantees provided by the Constitution. The larger bench included Justice Sardar Tariq Masood, Justice Mansoor Ali Shah, Justice Yahya Afridi, Justice Aminuddin Khan, Justice Jamal Khan Mandokhail, Justice Muhammad Ali Mazhar, Justice Hasan Azhar Rizvi, and Justice Musarrat Hilali. 'The good thing is that the opinion on the presidential reference is unanimous,' said Chief Justice Isa before delivering the verdict. 'We cannot move forward without correcting ourselves—until we acknowledge the mistakes of the past,' he added.
Business Recorder
13 hours ago
- Business Recorder
Concern expressed over decline in cotton productivity
ISLAMABAD: The Ministry of National Food Security and Research has expressed concern over the decline in cotton productivity in recent years and emphasised the need for a coordinated and targeted strategy to address the structural challenges facing the crop. Federal Minister for National Food Security and Research Rana Tanveer Hussain chaired a high-level meeting on Friday to review and accelerate efforts for increasing cotton yield across the country. The meeting brought together senior officials of the ministry, representatives from provincial agriculture departments, research experts, and key stakeholders from the cotton-growing regions. The minister said that cotton is a vital crop for Pakistan's agriculture sector and the backbone of the country's textile industry. He expressed concern over the decline in cotton productivity in recent years and emphasised the need for a coordinated and targeted strategy to address the structural challenges facing the crop. He reaffirmed the government's commitment to reviving cotton production through farmer-focused interventions, research-driven solutions, and improved service delivery in the agriculture sector. The minister stressed that enhancing cotton yield is essential not only for the sustainability of the textile value chain but also for improving the livelihoods of farmers and boosting rural incomes. He emphasised the timely provision of quality inputs such as certified seed and pesticides, improved pest control methods, adoption of climate-resilient farming techniques, and farmer awareness through strengthened extension services. He also directed relevant departments to expedite policy measures and technological innovations that could help bridge the yield gap and ensure better returns for cotton growers. During the meeting, various proposals were reviewed to improve crop management and field practices. The participants exchanged views on the current status of cotton cultivation and discussed practical steps to tackle production constraints. It was decided that a comprehensive action plan would be finalised in close coordination with the provinces to ensure effective implementation ahead of the next sowing season. Hussain stated that cotton remains a strategic crop for Pakistan, and its development requires urgent attention from all tiers of government. He underlined the importance of institutional collaboration, efficient resource utilisation, and market linkage strategies to ensure long-term sustainability and profitability in the cotton sector. Copyright Business Recorder, 2025
Business Recorder
13 hours ago
- Business Recorder
Mills show interest in fresh buying of cotton
LAHORE: The local cotton market on Friday remained steady and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that the rate of new cotton in Sindh is in between Rs 16,200 to Rs 16,300 per maund and the rate of cotton in Punjab is in between Rs 16,400 to Rs 16,600 per maund. The rate of Phutti in Punjab is in between Rs 6,500 to Rs 7,500 per 40 kg and the rate of Phutti in Sindh is in between Rs 6,000 to Rs 6,600 per 40 kg. The rate of cotton in Balochistan is in between Rs 16,300 to Rs 16,400 per maund. The rate of Phutti in Balochistan is in between Rs 6,500 to Rs 7,500 per maund. Around, 200 bales of Tando Adam were sold at Rs 16,200 per maund, 1600 bales of Khanewal were sold at Rs 16,600 per maund, 1000 bales of Mian Channu were sold in between Rs 16,600 to Rs 16,700 per maund, 400 bales of Ghar Maharaja were sold at Rs 16,700 per maund, 400 bales of Vehari were sold in between Rs 16,650 to Rs 16,700 per maund, 200 bales of Mongi Bangla were sold at Rs 16,700 per maund, 400 bales of Burewala were sold in between Rs 16,600 to Rs 16,700 per maund, 200 bales of Sahiwal, 200 bales of Jhang were sold at Rs 16,700 per maund, 800 bales of Chichawatni were sold in between Rs 16,600 to Rs 16,700 per maund, 200 bales of Fazal Pur were sold at Rs 16,700 per maund, 200 bales of Layyah were sold at Rs 16,650 per maund. The Spot Rate remained unchanged at Rs 16,300 per maund. Polyester Fiber was available at Rs 338 per kg. Copyright Business Recorder, 2025
