PSO Is Planning To Build $500m LNG Terminal
Pakistan State Oil is building a $500 million liquefied natural gas (LNG) terminal, which will take four years to be completed. It will be located near Karachi.
PSO CEO Mr. Syed Muhammad Taha told in an interview, that the company has successfully managed to have an understanding with a few of the large customers, and the preparations for this project have begun. Pakistan is one of the largest and fastest-growing markets for LNG, which it mainly uses to generate electricity after experiencing a decline in local production over the last decade. CEO further said that the company wants to venture into different areas.
PSO owns a network of more than 3000 service stations, as it is the country’s largest company by revenue. The country currently has only two floating LNG import terminations, near Karachi. Qatar and Mitsubishi Corp. also have said that they plan to invest in the terminals in Pakistan.