Karachi – Aug 3rd, 2022: Engro Eximp FZE, a subsidiary of Engro Corporation, announced today that it has entered a Memorandum of Understanding (“MOU”) with Excelerate Energy, Inc. (NYSE: EE) (Excelerate), a leading provider of flexible LNG infrastructure solutions around the world, related to the 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. This 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.
Ghias Khan, President & CEO – Engro Corporation stated, “I am delighted that Engro’s collaboration with Excelerate Energy has been strengthened through this agreement, which will 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.”
“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 Mr. Steven Kobos, President & Chief Executive Officer of Excelerate. “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.”
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.
Engro Corporation Limited is one of Pakistan’s largest conglomerates with the company’s business portfolio spanning across sectors including chemical fertilizers, PVC resin, telecommunication infrastructure, bulk liquid chemical terminal, foods, and power generation. At Engro, our ambition is to become the premier Pakistani enterprise with a global reach. From its inception as Esso Pakistan Fertilizer Company Limited in 1965 to Engro Corporation Limited in 2010, Engro has come a long way and will continue working towards its vision of becoming a premier Pakistani company with a global reach. For more information, please visit www.engro.com.
ABOUT EXCELERATE ENERGY:
Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com