Pakistan’s largest private sector conglomerate, Engro Corp. has partnered with Gunvor, Shell and Fatima Group to set up Pakistan’s first merchant terminal for regasified LNG near Port Qasim.
The integrated project is worth $500m, with the floating storage regasification unit costing $300m.
“We are putting up a joint venture, to set up a new terminal. We’ll import the gas ourselves, find customers on our own and manage the whole cycle ourselves,” Jahangir Piracha, Chief Executive Officer of Engro Elengy Pakistan Terminal, told a local newspaper. “A purely merchant terminal, it will have nothing to do with the Pakistan government,” added he.
Currently, the state-owned Pakistan LNG Terminals Limited (PLTL) is responsible for import, sale, and distribution of LNG in the country while Engro Elengy Pakistan Terminal, a subsidiary of Engro Corp. and Pakistan GasPort Consortium (PGPC) Limited handle storage and regasification of the commodity.
LNG now accounts for a fifth of Pakistan’s total power production. With the infrastructure in place and more projects in the pipeline, Pakistan has become a major buyer of imported gas in Southeast Asia’s booming LNG market – now 70% of the world’s demand, and a focal point for the global LNG industry.
For more information, visit: www.engro.com