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Engro Terminal brings 25 billion cubic feet Liquefied Natural Gas: Engro Chief Executive Officer

Date: September 8, 2015 Author: newsfeed.pk Category: General Business News Tags: Short URL Comments: 0

Islamabad, September 08, 2015 (PPI-OT): The Floating Storage and Regasification Unit (FSRU) hired by LNG terminal operator Engro Elengy Terminal Limited has brought 25 billion cubic feet gas in the country since its commissioning in March this year. “The utilization of terminal, installed in record 11 months at a cost of US$ 150 million, is about 80 percent in the first year,” CEO Engro Vopak Terminal Limited, Syed Muhammad Ali said here on Monday.

Talking to media along with CEO Engro Corporation, Khalid Subhani here, he said, the FSRU has the capacity to process and pump 600 mmcfd of gas into the system every day. However, under an agreement with the government, it is processing 200 mmcfd in the first year of its commissioning.

He informed that the terminal will pump 400 mmcfd gas into the system in the second year. He said the facility has been set up with an investment of US$ 150 million with the funding of International Finance Corporation (IFC), Asian Development Bank and a consortium of Pakistani banks.

The CEO said, the company has fulfilled its commitment by constructing all infrastructure facilities in a record time period, adding, the country’s first LNG terminal will help meet the rising demand of gas which reaches 6 billion cubic feet per day in the winter. Responding to a question, Syed Muhammad Ali admitted that National Accountability Bureau (NAB) has sought some details of the agreement between Engro and Sui Southern Gas Company Limited (SSGCL).

About Engro Food supply chain issues, he said there were some problems after change in the model but now these issues have been resolved. To another question, he said the price of fertilizer bag will rise up to Rs.160 after surge in the prices of fuel and raw material.

For more information, contact:
Shamikh Ahmed
Engro Corporation Limited
8th Floor, Harbour Front Building, HC # 3,
Marine Drive, Block 4, Clifton
Karachi, Pakistan
Phone: +92-21-111-211-211
Fax: +92-21-35295948
Cell: +92-302-8275133
Email: sazaidi@engro.com, media.relations@engro.com
Website: www.engro.com