Trafigura has announced plans to develop a second LNG import terminal project at Port Qasim in Pakistan.
The commodity trader announced its plans following the inauguration of GasPort’s new LNG floating storage and regasification import terminal at the port, which it is a minority investor of.
The new terminal will more than double Pakistan’s current LNG regasification capacity, and will be able to supply 90 million cubic feet of gas to private buyers in Pakistan each day.
However, even after this facility reaches full capacity, there will still be a significant supply shortfall of 19 million tonnes of LNG per annum, which has spurred Trafigura to develop a second terminal.
The company will partner with PGPL in developing a new merchant FSRU project. The JV will sell gas to private sector end-users without direct government involvement. It will include a new jetty, berth and a second FSRU, benefiting from cost synergies with the existing facility.
It also offers the potential to turbo-charge import growth and rapidly scale up industrial use of LNG in the country.