ISLAMABAD: A US-led consortium has proposed investing as much as $4.4 billion in Pakistan for a project that would involve the development of an integrated liquified natural gas (LNG) terminal at Port Qasim in Karachi, the country’s second-largest port, Pakistani maritime affairs ministry officials said on Wednesday.

The consortium includes Virginia-based Global Vision Energy Partners (GVEP) and Khanjee Holdings Inc. alongside General Mediterranean Holding, a Luxembourg-based financial conglomerate, and strategic co-investors from other countries.

The proposed project in Pakistan would cover the entire LNG value chain, including imports, storage, regasification, gas transmission and sales to large consumers on a merchant basis, according to officials.

“There was a proposal from the consortium seeking Port Qasim Authority’s (PQA) approval to carry out a provisional study for the $4.4 billion LNG project,” a senior official at Pakistan’s maritime affairs ministry told Arab News, seeking anonymity as he was not authorized to speak publicly about the matter.

Arab News reached out to GVEP and Khanjee Holdings but they did not immediately respond to requests for comment.

“Port Qasim has allowed them to conduct a study for the proposed project site,” the official said.

“But there is nothing binding yet.”

The multi-billion-dollar investment proposal comes as Prime Minister Shehbaz Sharif’s government struggles to attract foreign direct investment (FDI).

Last week, Energas Terminal Pvt. Ltd., an investor consortium comprising QatarEnergy and Pakistan’s Lucky Group, announced to have abandoned a planned $150 million LNG import terminal project at Port Qasim after years of delays, dealing a setback to the country’s efforts to expand energy infrastructure and attract FDI.

Pakistan’s FDI inflows rose 20 percent to $720 million in the first quarter of this fiscal year (July-September), after falling 28 percent to $1.79 billion in the last fiscal year, according to the State Bank of Pakistan data.

Top officials at PQA, which operates Port Qasim, also confirmed that the project was at the proposal stage now.

“Yes, they (US-led consortium) are looking to build LNG storages and other infrastructure at Port Qasim,” a top PQA official told Arab News, on condition of anonymity.

“The proposal is quite ambitious.” he added.

The maritime ministry official said that the consortium was also seeking to obtain a provisional license from Pakistan’s Oil and Gas Regulatory Authority (OGRA).

Pakistani media this week reported that the proposed LNG project has already been approved for consideration under the US Trade and Development Agency’s project preparation program.

“It may also receive partial financing from the US Development Finance Corporation, backed by export credit guarantees from the US Export-Import Bank for technology, equipment and services,” the newspaper said.