ISLAMABAD, Aug 3 (APP): Engro Eximp FZE, a subsidiary of Engro Corporation announced on Wednesday that it had signed a Memorandum of Understanding (MOU) with Excelerate Energy, Inc. (NYSE: EE) (Excelerate) for development of a private sector gas marketing business in Pakistan.
Under this MOU, both partners will jointly evaluate the possibility of establishing a regasified LNG (RLNG) marketing business with maximum participation from the country’s private sector, said a news release.
“The initiative has the potential to increase private company participation in Pakistan’s LNG sector and enhance Pakistan’s energy security by opening up 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,” the Engro Eximp noted.
President and CEO Engro Corporation Ghias Khan said he was delighted that Engro’s collaboration with Excelerate Energy had been strengthened through this agreement, which would eventually 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,” the CEO maintained.
“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 President and Chief Executive Officer of Excelerate Steven Kobos.
“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.”
It is pertinent to mention here that since 2015, Engro and Excelerate together have played a key role in strengthening energy security of Pakistan through continuous operations of Pakistan’s first LNG import terminal which utilizes a floating storage and regasification unit 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.