Rotterdam-based Royal Vopak is taking a 44% stake in Elengy Terminal Pakistan Limited (ETPL), following separate transactions with International Finance Corporation (IFC) and Engro Corporation. The investment gives the company a significant involvement in Pakistan’s fast-growing LNG trade. After final completion of the transaction, the shareholders in ETPL will be Engro and Royal Vopak.
ETPL’s wholly-owned subsidiary, Engro Elengy Terminal (Pvt) Ltd (EETPL), owns an LNG facility which is located in Port Qasim in Pakistan, adjacent to the Engro Vopak chemical terminal on the mainland side of the channel into the port. The facility, which has been in operation since 2015 and is the first LNG import facility in Pakistan, consists of an LNG jetty with a 7.5 km high pressure gas pipeline, and is connected to the grid of EETPL’s sole customer, Sui Southern Gas Company, a Pakistan government owned entity.
EETPL holds a 15-year Floating Storage and Regasification Unit (FSRU) time charter. The liquified gas is supplied, under long-term contracts, by LNG carriers from various exporting countries to the FSRU, which is moored to the EETPL jetty and connected to its pipeline. The regasification takes place on the FSRU and the gas is transferred to the mainland where, under high pressure, it enters the grid of the customer.