Engro, Excelerate to look into renewable LNG market in Pakistan
Engro Eximp FZE, a subsidiary of Engro Corporation, and Excelerate Energy want to jointly evaluate the possibility of establishing a regasified LNG (RLNG) marketing business in Pakistan.
The parties entered into a memorandum of understanding (MoU) to jointly evaluate the possibility of establishing an RLNG marketing business with maximum participation from the country’s private sector.
This deal has the potential to increase private company participation in Pakistan’s LNG sector and enhance Pakistan’s energy security by opening up new RLNG supply avenues.
Ghias Khan, CEO –of Engro Corporation, said: “We understand the importance of enhancing energy security; an imperative for Pakistan to ensure economic growth while providing consumers access to adequate, reliable, and affordable supplies of energy.”
“We value our collaboration with Engro and take great pride in having partnered with them to build Pakistan’s first LNG import terminal in 2015,” said Steven Kobos, CEO of Excelerate. “This agreement builds on the momentum we have established by extending our reach downstream of our existing terminal to key regasified LNG markets in Pakistan. We remain committed to meeting Pakistan’s growing energy security needs.”
As of 2015, Engro and Excelerate have been together worked on strengthening energy security of Pakistan through operations of Pakistan’s first LNG import terminal. The terminal uses a floating storage and regasification unit (FSRU) provided under a long-term charter by Excelerate.
The terminal currently fulfills around 15 per cent of Pakistan’s LNG requirements. According to Excelerate, this is recognized in the industry as the most used FSRU worldwide.