Pakistan State Oil has concluded a deal to buy up to 3 million mt/year of LNG from Qatar, a source with knowledge of the deal told Platts Monday.
Under the terms of the 15-year deal, PSO would initially receive 1.5 million mt/year starting in 2016, with an option to increase import volumes to 3 million mt/year starting in 2017.
Volumes would be imported at a price linked to Brent crude.
Should that option be exercised by PSO, the remainder of the contract would be set at 3 million mt/year.
Roughly, 1.5 million mt/year is equivalent to two standard-sized LNG cargoes/month.
This deal, combined with cargoes being sought from two buy tenders issued by PSO on Monday, could result in 4-6 cargoes/month being imported into its terminal at Port Qasim by 2017, if PSO awards the buy tenders by the end of this year.
Since importing its first cargo in March, Pakistan has only been importing between one to three cargoes each month.
