Excelerate FSRU to dock in May

KARACHI: Excelerate Energy is ready to deliver another floating storage regasification unit (FSRU), which will be anchored at Port Qasim across Engro Elengy’s liquefied natural gas (LNG) terminal, a statement said Thursday. 

“Following negotiations with a consortium of Engro, Fatima, and Shell, Excelerate Energy is prepared to deliver a floating LNG terminal, which will be second FSRU to the Pakistan market,” Excelerate Energy said in the statement. 

Pakistan has been earmarked as an up-and-coming demand outlet for the oversupplied LNG market. Along with Egypt and Jordan, Pakistan was a newcomer to the LNG import market in 2015, helping drive demand up and absorb growing world supplies from a wave of new projects. Engro official said the company is not directly involved in the project. “Only its LNG terminal is being used for the second FSRU being set up under private sector,” he added. 

The Texas-based floating energy company says 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 1.0 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.  He said Excelerate’s 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,” Bustos added. 

 The PGPL’s FSRU is expected to arrive in May 2017.