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January 12, 2018

PIBT to setup LPG handling facility

Business

January 12, 2018

KARACHI: Pakistan International Bulk Terminal Limited (PIBT) is all set to venture into liquid petroleum gas (LPG) business as the Port Qasim Authority (PQA) has allowed the company to setup LPG handling facilities at its existing terminal site.

“In this regard, a supplementary implementation agreement will be executed with PQA,” a bourse filing said on Thursday.

PQA signed an implementation agreement in November 2010 with PIBT for a dedicated coal, clinker and cement terminal with handling capacity of eight million tons per annum with a storage capacity of 0.9 million tons. The terminal started commercial operations in May 2017.

PIBT has been set up as the country’s first coal, clinker and cement terminal at a total cost of $285 million. By modernising the country’s port infrastructure, the terminal helps reduce the cost of importing commodities, to ensure faster and more cost-effective transport of cargo. Pakistan imports around 500,000 tons of LPG a year, as with around 20-25 percent population having access to natural gas, there is immense potential for the LPG market to gain grounds on the basis of its affordability, efficiency and storage capacity.

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