ISLAMABAD, April 19: Prime Minister Shaukat Aziz on Wednesday said the government was planning to bridge the gap between supply and demand in energy by increasing indigenous production, import gas from Iran and Turkmenistan and import of LNG.

Talking to a delegation of ‘4 Gas’ company, a subsidiary of Petroplus, owned by the Caryle Group and headed by Paul Q J Van Poecke, CEO of 4 Gas company, the prime minister said import of LNG was being pursued as an additional option to cater for increasing demand for energy.

He said the LNG policy had recently been approved by the ECC and was now open for the private sector.

The prime minister said under phase-I, the appointment of a joint venture or consortium for setting up of LNG terminal to supply 500 mmscfd of re- gasified LNG (3.5 mtpa) would be finalised by December 2006. The cost of the project was estimated between $300-400 million.

Mr Aziz said energy security was vital to maintain growth and competitiveness in a rapidly globalise world and added all possible sources were being looked into to bridge the gap between supply and demand.

The prime minister invited the visiting Carlyle Group to invest in the gas infrastructure development projects.

He briefed the delegation on investment opportunities in Pakistan and said the government undertook most comprehensive and broad-based reforms ever introduced by any country. He said the success of these reforms was now widely acknowledged and the World Bank has ranked Pakistan among the top ten reformers of the world.

He said the government had opened all sectors for investment and provided a level-playing field to local and foreign investors resulting in significantly enhanced inflow of FDI.

The prime minister said incentives available in exploration and production of gas in Pakistan were the most favourable in the region and more than 22 national and international companies were working in the onshore and offshore areas of Pakistan.—APP