Dutch tank storage company Royal Vopak has increased its stake in Elengy Terminal Pakistan (ETPL, wholly-owned by Engro Corporation), which owns a floating LNG import facility anchored at Port Qasim near Karachi (Pakistan), from 29% to 44%. The share includes the 29% interest Vopak announced it would acquire in July 2018 and an additional 15% stake via separate transactions with ETPL's shareholders. The July 2018 transaction is expected to close in December 2018 and the closing for the second transaction is anticipated to take place in the first quarter of 2019.
The floating import facility has been in operation since 2015 and is the first LNG regasification project in Pakistan. It has an operational regasification capacity of 3.5 Mt/year (4.7 bcm/year). It consists of an LNG jetty including a 7.5 km high pressure gas pipeline linked to the Pakistani grid. Pakistan's gas market is planned to increase in a context of soaring energy demand.