Engro Eximp FZE, a subsidiary of Engro Corporation, announced today that it has entered into a Memorandum of Understanding (MoU) with Excelerate Energy to develop a private sector gas marketing business in Pakistan.
Under this MoU, both partners will jointly evaluate the possibility of establishing a regasified liquefied natural gas (RLNG) marketing business with maximum participation from the country’s private sector. This initiative can increase private company participation in Pakistan’s LNG sector and enhance energy security by opening new RLNG supply avenues for businesses and consumers. This endeavor comes at a point when the need for energy security has become a critical issue globally, and particularly for Pakistan, against the backdrop of current geopolitical dynamics.
President and Chief Executive Officer (CEO) Engro Corporation, Ghias Khan, said, “I am delighted that Engro’s collaboration with Excelerate Energy has been strengthened through this agreement, which will help Pakistan meet its energy needs. As a pioneer in Pakistan’s LNG sector, 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 Mr. Steven Kobos, President and 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 and look forward to expanding our collaboration with Engro in this pivotal market.”
Since 2015, Engro and Excelerate have played a key role in strengthening the energy security of Pakistan through continuous operations of Pakistan’s first LNG import terminal, which utilizes floating storage and regasification unit (FSRU) provided under a long-term charter by Excelerate. The terminal currently fulfills as much as 15 percent of Pakistan’s natural gas requirements and is recognized as the most utilized FSRU worldwide.
