KARACHI:Engro Eximp FZE, a subsidiary of Engro Corporation on Wednesday declared signing of a memorandum of understanding with Excelerate Energy, Inc. relating to the development of a private sector gas marketing business in Pakistan.
The latter is a leading provider of flexible LNG infrastructure solutions around the world.
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 release.
This initiative has 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 step is taken when the need for energy security has become a critical issue globally, and particularly for Pakistan, against the backdrop of current geopolitical dynamics.
Chief Executive Officer, Engro Corporation, Ghias Khan expressed his delight that Engro’s collaboration with Excelerate Energy had been strengthened through this agreement, which would help Pakistan meet its energy needs.
As a pioneer in Pakistan’s LNG sector, his company understood 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,” commented CEO of Excelerate , Steven Kobos.
The agreement would build on the momentum the company had established by extending our reach downstream of our existing terminal to key regasified LNG markets in Pakistan.
The company was committed to meet Pakistan’s growing energy security needs and look forward to expanding our collaboration with Engro in this pivotal market.