Reuters reports that a consortium behind a LNG import project in Pakistan, including oil giant Exxon Mobil, France’s Total and Qatar Petroleum, has been dissolved.
Höegh LNG was due to supply the project’s ship-based import terminal, a FSRU, where LNG brought in by tanker is converted back to gas to feed into Pakistan’s grid.
The other two members of the consortium were Japan’s Mitsubishi and Turkish developer Global Energy Infrastructure (GEI).
“The consortium has spent considerable time and resources on finding [the project‘s] final form and structure. However, by mid-November it has been concluded that no agreement with GEI could be found and the consortium has consequently been dissolved,” Höegh LNG said in a results statement.
Höegh LNG did not elaborate on the nature of the disagreement with GEI but industry sources with knowledge of the matter said that part of it related to project costs.