Vopak buys 29% in Pakistan's first LNG import facility
Engro Corporation Ltd, (Engro Corporation) of Pakistan and Royal Vopak has signed a Share Purchase Agreement whereby Vopak will acquire a 29% share in the 4.5 MTPA LNG facility at Port Qasim, near Karachi. The project will be operated by Engro Elengy Terminal (Private) Limited (EETPL) (an indirect subsidiary of Engro Corporation) which has signed a 15-year LNG Service Agreement with Sui Southern Gas Company (SSGC).
The LNG facility involves use of a Floating Storage and Regasification Unit (FSRU) which will store the imported LNG and regasify it before transporting the gas via a pipeline to the existing SSGC gas network near Port Qasim, Karachi, Pakistan. It has started operation on 2015.
The transaction is subject to customary regulatory and shareholder approvals. Upon its completion in the fourth quarter of 2018, Engro Corporation, Vopak and the International Finance Corporation will be the final shareholders, further strengthening their business relationship that started over two decades ago.
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