Islamabad – Pakistan’s first Liquefied Natural Gas (LNG) terminal of Engro Elengy Terminal (EETL) handled more than 322 cargoes, completing the transfer of over 20 million metric tons of LNG since 2015.
This is the highest volume handled by any floating LNG terminal in this time period. EETL has also reached another milestone by shipping more than 1000 billion cubic meters (BCF) of natural gas, which is equivalent to the energy required to produce about 175 million MW. EETL uses the floating storage and regasification unit (FSRU) Exquisite, co-owned by Excelerate Energy LP (Excelerate) and Nakilat. The terminal has 150,900 cubic meters of storage capacity and the highest regasification capacity of up to 690 million cubic feet per day (MMCFD). It currently meets 15 percent of Pakistan’s local daily natural gas needs. As a result, more than $ 3 billion was saved for the national treasury through the import substitution of expensive baking oil.
Operated by EETL, a joint venture between Engro Corporation and the Dutch Royal Vopak, Pakistan’s first LNG terminal has set new industry records throughout its five years of safe and reliable operations to ensure energy security for Pakistan. With a world record time of 332 days, the resident EETL is recognized as one of the fastest-built and most used re-gasification terminals in the world.
Following the approval of the Economic Coordination Committee, EETL and its partner Excelerate provided a larger and more technologically advanced FSRU Sequoia, ready to arrive at Qasim Port in 2021 after all regulatory and SSGC approvals. This will help reduce the gas supply gap by increasing the terminal’s capacity to more than 150 MMCFD and its storage capacity to more than 25,000 cubic meters. As a result, Pakistan could potentially save more than $ 45,000 per day in state-run LNG supply chain costs; The private sector takes risks and invests under the Third Party Access Framework (TPA). When the industry opens up under the TPA regime, an Onshore LNG asset is the next step towards the evolution of the Pakistani gas market. In this context, Engro and Royal Vopak have already announced a project targeting a final investment decision in the next 12 – 14 months.
The PTI government’s investment-friendly policies will enable Engro and its joint venture partner Royal Vopak to invest up to $ 600 million in Engro Elengy Terminal and Engro Vopak Terminal.