US-backed consortium proposes $4.4 billion LNG terminal in Pakistan

A group of US companies has put forward a $4.4 billion project that includes LNG imports, storage, regasification, gas transmission, and sales to major consumers. The consortium comprises Global Vision Energy Partners (GVEP), Khanjee Holdings, international strategic partners, and Luxembourg-based General Mediterranean Holding; the project is supported by the Trump administration.

The initiators have established a special project company. According to Pakistani media, they have received approval from the Port Qasim Authority for a potential site and submitted an application for a preliminary license to the Oil and Gas Regulatory Authority. The project has also received support from Pakistan's Ministries of Energy and Maritime Affairs.

The proposal comes amid disruptions in LNG supplies from Qatar and rising costs for the country's spot market purchases. To meet winter demand, Pakistan will need over $1 billion, as more expensive spot cargoes compete for supplies with buyers from Asia and Europe.