ISLAMABAD - Minister for Petroleum & Natural Resources Shahid Khaqan Abbasi revealed the government is mulling over to review the existing gas allocation formula and said the provinces would also be taken on board in this regard.

Talking to media here Friday, he said the government has discussed the matter with provinces during the Council of Common Interest meeting held some day ago. He hoped that a consensus would be evolved in this connection. He said the idea of importing LNG from India has been dropped due to price difference on both sides. He further said the government so far could not strike a deal with Qatar regarding LNG import.

However, a tender for the construction of a 200mmcfd LNG terminal would be issued during next week and import of LNG is expected by October 2014.

“The government would import LNG from Qatar on suitable price but if it finds costly, the idea would be dropped,” the minister said adding, “Qatar and America had inked three agreements for the LNG sale at a price ranging between $2/mmbtu to $17/mmbtu and Japan had recently signed an agreement at a price of $17/mmbtu.”

Abbasi also made it very clear that construction of Pak-Iran gas pipeline would be carried out as per the agreement. He said the Foreign Office is deeply deliberating on the agreement in connection with the US sanctions on Iran.