Lucky Group, Qatar Energy consortium quits Port Qasim LNG terminal plan over 'policy changes'
ISLAMABAD: Energas, a consortium of the Lucky Group and Qatar Energy, has given up a multi-million-dollar plan to establish a liquefied natural gas (LNG) terminal at Port Qasim, citing fundamental changes to Pakistan’s energy policy, requirements and longstanding unresolved policy and fiscal matters, it emerged on Friday. On the other hand, the Port Qasim Authority (PQA) has warned Energas of…
Energas, a consortium made up of the Lucky Group and Qatar Energy, has abandoned a multi-million dollar plan for an LNG (liquefied natural gas) terminal at Port Qasim, citing significant changes to Pakistan's energy policy, requirements and outstanding policy and fiscal matters, according to a report on Friday. Port Qasim Authority (PQA) has warned Energas of terminating its final letter of intent (LOI) if an "unconditional acceptance" is not received by November 30, 2026, or if an updated status of the project is not provided.
If the project is terminated, Energas would forfeit the $2 million initial concession fee, according to PQA. Energas has since approached the prime minister for a refund of the $2 million, arguing that the government and factors beyond its control have prevented the project from moving forward.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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