The Executive Committee (EC) of the Special Investment Facilitation Council (SIFC) has directed the Petroleum Division to provide a comprehensive timeline for the completion of ongoing bidding processes by January 10, 2025. This includes circulating advertisements for onshore bidding by January 15 and offshore bidding by January 30, with follow-up marketing initiatives, including roadshows.
The Petroleum Division has also been instructed to expedite evaluations and revisions of offshore fiscal policies based on international consultant recommendations. Progress reports are to be submitted fortnightly, with the first due on January 15, 2025.
Addressing pending legal issues involving the Sui Southern Gas Company (SSGC), the EC directed the Auditor General of Pakistan and the Law Division to resolve outstanding matters through an accelerated legal process. A non-extendable deadline of January 15 has been set for final resolutions.
On the operational continuity of the liquid and LPG terminal at Port Qasim, the Committee emphasized the critical importance of avoiding disruptions to the national supply chain. It noted that while open bidding is generally preferred, Build-Operate-Transfer (BOT) agreements for national assets require a tailored approach.
The Port Qasim Authority (PQA) and the Ministry of Maritime Affairs (MoMA) were tasked with conducting a risk assessment and developing mitigation strategies to ensure a smooth transition during the ongoing bidding process. Discussions between PQA and Engro Vopak Terminal Limited (EVTL) are set to begin on December 30, focusing on amending specific articles in the Implementation Agreement (IA) to facilitate renegotiations. This process is expected to conclude by January 31, 2025.
Regarding LNG imports, the Petroleum Division reported the potential for surplus cargoes due to the planned closure of captive plants and reduced demand from K-Electric. The Division has been directed to engage stakeholders to recalibrate LNG imports and finalize negotiations with suppliers by January 15, 2025.
The Committee also instructed the Petroleum Division to explore selling surplus re-gasified LNG to third parties or new customers while addressing approximately 2.8 million pending RLNG connection requests by the same deadline.
For industries using gas as fuel, the Petroleum Division, in consultation with relevant stakeholders, is to finalize a strategy for both off-grid captive power users and on-grid process industries. All key decisions are expected by mid-January 2025 to ensure uninterrupted energy supply and economic stability.
