The Boards of Younus Brothers Group Pakistan and Sapphire Group announced their decision to invest in and set up the ENERGAS LNG Terminal at Port Qasim.
The LNG terminal is designed to berth a Floating Storage Regasification Unit (FSRU) of 173,340 m3 along with an LNG carrier of 266,000 m3.
Tolling capacity of the terminal shall be a maximum of 800 MMCFD with a 30-inch pipeline connection to the main grid.
Pending the necessary Government approvals, contracts will be awarded in due course. The expected completion date for the project is Q1 2019. The investment decision in the LNG Terminal, gives momentum to future resource development plans of the shareholders, which include Mian Karim, sponsors of the 225MW Halmore Power Generation Company.
“Through our Group’s commitment to the development of a Private LNG Terminal, we hope to support the Government of Pakistan’s endeavors to alleviate the existing energy crisis. ENERGAS Terminal Limited will help provide the Government of Pakistan greater diversification of projects of Strategic and National importance,” said Mr. Muhammad Ali Tabba, of the YB Group.
“ENERGAS’s business model is similar to the model followed by Power utilities across the Far East, where Operational control of the terminal is essential. The company’s shareholders are progressive business groups with interest in Power Generation, Textile, Chemicals and Cement amongst others,” added Mr Shahid Abdullah of the Sapphire Group.
“The development of the LNG Terminal, allows us to accelerate our future investment plans in the Pakistan Power sector. Our decision to invest in this project is a testament to our confidence in the Pakistan Energy market,” says Zaheer Ahmed, CEO Halmore Power on behalf of its foreign investors.
“Through ENERGAS, we have created a Buyers platform to jointly secure LNG for captive use, discuss and solve our common issues and ensure we secure LNG at preferable terms. The inherent risks of securing LNG can only be mitigated through collaborations between buyers. We have been approached by other potential users of LNG and are in advanced discussions with Buyers who wish to secure Gas through this platform”, says Anser Ahmed Khan, Chief Executive Officer for ENERGAS Terminal Private Limited.