Engro, Excelerate to develop gas marketing biz in Pakistan
Engro Eximp FZE, a subsidiary of Pakistan’s Engro Corporation, has signed a memorandum of understanding with New York-listed Excelerate Energy to develop a gas marketing business in the south Asian nation, Engro said on August 3.
The companies will jointly evaluate the possibility of establishing a regasified LNG (RLNG) marketing business. “This initiative 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 for businesses and consumers,” the company said.
Elengy Terminal Pakistan, a joint venture between Dutch Vopak LNG Holding and Engro, operates a floating LNG terminal at Port Qasim near Karachi. The terminal has been chartered under a long-term contract from Excelerate.
The terminal currently fulfills as much as 15% of Pakistan’s natural gas requirements, Engro said.