Excelerate, Engro ink deal to replace FSRU Exquisite

Excelerate Energy and Engro Elengy Terminal have signed a heads of agreement (HOA) for the expansion of the EETL liquefied natural gas (LNG) import terminal located in Port Qasim, Pakistan.

Under the agreement, Excelerate will exchange its existing floating storage and regasification unit (FSRU) Exquisite with a newbuild FSRU, Hull 2477, which is currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard.

Hull 2477 will increase EETL’s send-out capability by more than 150 million standard cubic feet per day (MMscf/d) and increase its LNG storage capacity from 150,900 cubic meters to 173,400 cubic meters.

Excelerate will take delivery of Hull 2477 in April of this year, and EETL projects beginning expanded operations in Pakistan before winter 2020.

The EETL terminal, Pakistan’s first floating LNG import terminal, began operations in March 2015. The terminal, which utilizes Excelerate’s FSRU Exquisite, has been delivering up to 690 MMcf/d of natural gas directly into Sui Southern Gas Company’ s natural gas pipeline system.

The Exquisite currently fulfills as much as 15 percent of Pakistan’s domestic daily natural gas requirements and is recognized as the most utilized FSRU worldwide.

EETL, a joint venture between Engro Corporation and Royal Vopak of the Netherland, has imported over 275 LNG cargoes to date.

In September 2019, Excelerate and Maran Gas Maritime (MGM) signed a five-year bareboat charter agreement for Hull 2477. Excelerate has the option to purchase the FSRU at any time during the duration of the contract.