January 31, 2017
KARACHI, PAKISTAN – Following negotiations with the consortium of Engro, Fatima, and Shell (“the Consortium”) over the last few months, Excelerate Energy (“Excelerate”) is prepared to help the Consortium deliver a proposed floating LNG terminal and second FSRU to the Pakistan market. The fast track FSRU project will supply much needed natural gas to Pakistan to help mitigate the supply shortfalls the country is currently facing.
Excelerate has a proven track record of successfully delivering fast-track floating regasification projects around the world and will use its experience to help the Consortium meet the aggressive delivery schedule required for the terminal. Most recently, Excelerate successfully commissioned GASCO’s Ruwais Floating LNG terminal in the UAE, which was implemented in less than 12 months.
The Consortium’s project site is located just across the Port Qasim channel and the country’s first LNG import terminal that Elengy installed early last year utilizing Excelerate’s floating regas technology. When the Consortium’s project comes on line in 2018, the total regasification capacity from Excelerate’s two FSRU’s at Port Qasim will be significantly over 1 Bcf a day which is enough natural gas to support over 6,000 MW of power generation.
“Excelerate is extremely excited to work with this strong partnership of Engro, Fatima, and Shell to implement this project in what we view as one of the largest markets for natural gas in the world,” stated Chief Development Officer Daniel Bustos. “Our project development and operations teams are aggressively reviewing implementation plans for this project. We have been very pleased to be involved with the country’s first floating LNG terminal developed by Engro’s subsidiary Elengy over the past 18 months.”