The Boards of Younus Brothers Group Pakistan and Sapphire Group announced their investment decision for EnerGas LNG Terminal to be developed at Port Qasim.
The LNG terminal is designed to berth a FSRU of 173,340 m3 along with an LNG carrier of 266,000 m3. Tolling capacity of the terminal shall be a maximum of 800mmcfd with a 30-inch pipeline connection to the main grid.
The expected completion date for the project is the first quarter of 2019. Pending the necessary government approvals, contracts will be awarded in due course. The investment decision in the LNG Terminal, gives momentum to future resource development plans of the shareholders, which include Mian Karim, sponsors of the 225MW Halmore Power Generation Company.
“Through our Group’s commitment to the development of a Private LNG Terminal, we hope to support the Government of Pakistan’s endeavors to alleviate the existing energy crisis. EnerGas Terminal Limited will help provide the Government of Pakistan greater diversification of projects of Strategic and National importance,” said by Muhammad Ali Tabba, of the YB Group.
“EnerGas’s business model is similar to the model followed by Power utilities across the Far East, where operational control of the terminal is essential. The company’s shareholders are progressive business groups with interest in Power Generation, Textile, Chemicals and Cement amongst others,” says Shahid Abdullah of the Sapphire Group.
“The development of the LNG Terminal allows us to accelerate our future investment plans in the Pakistan Power sector. Our decision to invest in this project is a testament to our confidence in the Pakistan Energy market,” says Zaheer Ahmed, CEO Halmore Power on behalf of its foreign investors.