BISINISS WORLD NEWS

ISLAMABAD: Minister of Petroleum and Natural Resources Syed Naveed Qamar has defended the controversial 3.5 million tons LNG contract worth $25 billion.

He was addressing a press briefing here today explaining about the contract.

The Petroleum Ministry ignored the lowest bid of the Fauji Foundation and the multinational energy firm, Vitol, for 3.5 million tons LNG contract worth $25 billion, and instead awarded it to the highest bidder, a French firm GDFSuez.

He pointed out that the country would get profit of $ 1.3 billion.

Ha told journalists that GDFSuez bid was for providing gas without terminal in Mashal LNG Project while FF/Vitol offered for providing gas and terminal both.

Both the bids were different as French firm offered for providing 3.5 million ton LNG while FF/Vitol bid was for 2 million ton, he added.

He stressed that we must conclude deal with GDFSuez by 15 April and it would benefit the country.