Vopak will acquire in total 44% of Elengy Terminal Pakistan from International Finance Corporation and Engro Corporation.
This includes the acquisition of a 29% share announced earlier in July.
Elengy Terminal Pakistan’s wholly owned subsidiary, Engro Elengy Terminal owns a LNG facility located in Port Qasim in Pakistan, adjacent to the Engro Vopak chemical terminal on the mainland side of the channel into Port Qasim.
The facility, which has been in operation since 2015, is the first LNG import facility in Pakistan and comprises an LNG jetty including a 7.5km high pressure gas pipeline. It is connected to the grid of Sui Southern Gas Company.
The liquified gas is supplied, under long-term contracts, via LNG carriers from various exporting countries to the FSRU, which is moored to the EETPL jetty and connected to its pipeline. The regasification takes place on the FSRU and the gas is transferred to the mainland where, under high pressure, it enters the grid of the customer.
Closing of the acquisition is expected to take place in the first quarter of 2019. Closing of the first transaction announced in July is still expected for the fourth quarter of 2018.