{"id":33488,"date":"2023-12-09T18:54:04","date_gmt":"2023-12-09T18:54:04","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/china-uae-likely-to-invest-500m-in-pakistans-lng-projects\/"},"modified":"2023-12-09T18:54:04","modified_gmt":"2023-12-09T18:54:04","slug":"china-uae-likely-to-invest-500m-in-pakistans-lng-projects","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/china-uae-likely-to-invest-500m-in-pakistans-lng-projects\/","title":{"rendered":"China, UAE likely to invest $500m in Pakistan’s LNG projects"},"content":{"rendered":"
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ISLAMABAD: China and United Arab Emirates (UAE) are likely to invest $500 million in two Liquefied natural gas (LNG) projects in Pakistan, ARY News reported citing sources.<\/strong><\/p>\n

According to sources, the China National Chemical Engineering Company (CNCEC) and LNGFlex, a subsidiary company of Bison in the United Arab Emirates to invest in the construction of LNG terminals and supply.<\/p>\n

Sources further said the companies have planned to invest in both virtual and non-virtual projects as they want to build a virtual LNG project, receiving terminal and storage facility at Karachi port.<\/p>\n

Earlier, Pakistan and United Arab Emirates (UAE) signed several multi-billion dollar MoUs in a range of areas here to boost economic and strategic cooperation between the two countries.<\/p>\n

Read more: Pakistan, UAE sign MoUs worth multi-billion dollars<\/a><\/strong><\/em><\/p>\n

It is pertinent to mention here that\u00a0in June, Bloomberg<\/a>\u00a0reported that Pakistan failed to secure liquified natural gas (LNG) from the spot market in its first attempt in about a year, as no supplier seems to budge to the cash-strapped nation\u2019s offer.<\/p>\n

Traders, on the condition of anonymity, told the publication that Pakistan LNG Limited\u2019s (PLL) bid to purchase six shipments for October to December closed with no companies responding to the offer.<\/p>\n

The report said that many overseas banks weren\u2019t accepting letters of credit Pakistani counterparts to purchase LNG shipments, making suppliers reluctant to offer cargoes, Bloomberg reported last week.<\/p>\n

Pakistan\u2019s inability to buy gas will aggravate energy shortages in the country, increasing the frequency of blackouts and curbing the supply of fuel to industrial consumers.<\/p>\n<\/div>\n<\/div>\n