Karachi(May 22, 2018): Pakistan LNG Terminal Company (PLTC) has imposed another penalty worth $20 million on Pakistan Gas Port Consortium (PGPC) due to the violation of agreement as PGPC has failed to meet the deadline of making its Liquefied Natural Gas (LNG) terminal operational.
PGPC was due to complete the construction of the LNG terminal on the second deadline of 28 November 2017 and make it completely functional. However, it miserably failed in meeting the deadline while the PLTC has so far imposed $50 million worth of penalties on PGPC, led by the Prime Minister’s friend and mogul Iqbal Z Ahmed.
However, influential shareholders of PGPC including energy tycoon, Iqbal Z Ahmed are not willing to pay $50 million in penalties to PLTC over delays in the operations of the second LNG terminal at Port Qasim, said sources.
They added that PGPC is ready to pay only $1.5 million in penalties on said charges and the influential shareholders of PGPC are leaving no stone unturned to get relaxation in the amount of penalty.
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