ISLAMABAD - The Oil and Gas Regulatory Authority (Ogra) is set to issue a regular license to Global Energy Infrastructure (GEI) Pakistan to set up a terminal, jetty and allied facilities at Port Qasim for import of Liquefied Natural Gas (LNG). GEI is likely to get a regular license very soon from a quasi-judicial forum (Ogra) to set up a floating terminal for import of LNG to be supplied to meet the requirement of power sector by June 2012 facing serious energy crisis in the country, sources privy to the development informed, adding that for LNG project-financing equity worth $90 million will be included and a $50m loan has been arranged in this regard from Swiss Banks. GEI has submitted an acceptable Environmental Safety Impact Assessment (ESIA) report and approval by the Sindh Environment Protection Agency (Sepa), sources added. It was also learnt that price of gas would be settled through consultation with private sector and GEI had purchased required machinery for this floating terminal waiting for the governments permission. After 30 years, this floating terminal having the storage capacity of LNG will be handed over to Port Qasim Authority (PQA). Again in the absence of a full-time chairman, Ogra members were under extreme pressure from a federal minister to issue the licence immediately or get ready to go home, sources said. An official of GEI Pakistan while talking to TheNation informed that having agreements with various firms in LNG market, GEI is confident to supply 500mcf LNG to power sector by June 2012. We have completed the qualification criteria in this regard and are waiting for regular license, he said adding that we have awarded Engineering and Procurement Contract (EPC) to STFA Company and as soon as PQA grants go ahead, GEI would start working for the construction of terminal to meet the soaring energy demands in the country. It is relevant to mention that GEI has paid advance mobilisation charges to STFA under head EPC. Global Energy Infrastructure Pakistan had applied for a licence on May 23 this year, and Ogra informed it on June 15 about a conditional licence for construction of LNG receiving terminal at Port Qasim, which was then termed by some officials as a serious violation of rules and regulations. Economic pundits argued that the regulator had issued the 'conditional licence within three weeks of the submission of application without conducting a mandatory public hearing. This is like the law of necessity that has been haunting the nation for decades. Sepa had rejected an ESIA report submitted by GEI in a public hearing a few days ago, however, holding a public hearing before granting a licence is mandatory, a source argued, adding that as a substitute, Ogra has stated in the licence that public hearing will be held in 90 days. They were of the view that interestingly GEI did not have a confirmed location for the terminal site and it also did not enter into implementation agreement with the PQA so far.