Pakistan rejects natural gas pricing proposal

Pakistan's Ministry of Petroleum and Natural Resources has rejected a gas pricing proposal by Lasmo PLC that had sought the same price the government agreed in August 1999 with OMV AG, operator of Miano gas field. The refusal is aimed at convincing gas producers to agree on using the traditional pricing formula rather than considering the OMV agreement as a blueprint for a new formula.The two parties are negotiating to reach a gas price agreement related to three planned field developments.According to the OMV pact formula, when the "international oil price" is $10-$16/bbl, the producers will be paid according to 1994 petroleum policy. (In the 1994 policy, gas pricing was linked with ...

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