The Ministry of Ports and Shipping has obtained approval to acquire 14 new ships under a five year fleet development program since the country is facing considerable energy crisis.

The $565 million worth vessels will be procured by Pakistan National Shipping Corporation (PNSC) to handle general dry cargo and liquid products, with assistance from USAID.

PNSC currently has 11 ships that are to be replaced by an equal number of new ships to meet the present demand of seaborne trade.

The proposed plan aims at ensuring an uninterrupted supply of other strategic commodities to the country such as oil, raw material and grains.

The Oil and Gas Regulatory Authority (Ogra) has ensured construction licenses for three parties, including Global Energy International, Engro Corporation and Pakistan Gas Port (PGP) to guarantee LNG’s delivery, expected by the middle of next year.

Representative of the sponsoring agency stated that the requirements will be provided along with the PC-1 of the project that will be submitted for further processing through an approval authority.