U.S.-Backed Consortium Proposes $4.4 Billion LNG Terminal in Pakistan

A coalition of U.S. firms, backed by the Trump Administration, has proposed a $4.4 billion LNG terminal in Pakistan, according to local media. The consortium, which includes Global Vision Energy Partners GVEP, Khanjee Holdings, and international strategic partners General Mediterranean Holding, aims to import, store, re-gasify, transmit, and sell gas to large customers in Pakistan.

The companies reportedly obtained permission for the potential site from the Port Qasim Authority and applied for a provisional license with the Pakistani Oil and Gas Regulatory Authority. The government of Pakistan supports the project through the Energy and Maritime Affairs Ministries. This proposal emerged as QatarEnergy and Lucky Group abandoned an earlier project to establish an LNG terminal at Port Qasim, citing "fundamental changes" to Pakistan's energy policy and unresolved fiscal and policy issues.

Pakistan is currently facing high gas import costs due to disrupted Qatari LNG flows, with the country struggling to keep the lights on after Qatar declared force majeure on its exports following Iranian strikes. As a result, Pakistan has been forced to rely on spot LNG market, paying hefty premiums for occasional shipments. The current prices are over $1 billion higher than term supplies from Qatar, which are cheaper and in higher supply.