Excelerate Energy announced it has agreed with partner Engro Elengy Terminal Ltd. (EETL) to expand the EETL liquefied natural gas (LNG) import terminal in Port Qasim, Pakistan.
Under the heads of agreement (HOA), Excelerate will exchange its existing floating storage and regasification unit (FSRU) Exquisite with a newbuild FSRU, Hull 2477, which is currently under construction at South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) shipyard and due to be delivered in April 2020. The newbuild will increase EETL’s send-out capability by more than 150 million standard cubic feet per day (MMscf/d) and increase its LNG storage capacity from 150,900 cubic meters to 173,400 cubic meters, Excelerate said.
In September 2019, Excelerate and Maran Gas Maritime Inc. (MGM) signed a five-year bareboat charter agreement for Hull 2477. Excelerate has the option to purchase the FSRU at any time during the duration of the contract.
EETL, a joint venture between Engro Corporation and Royal Vopak of the Netherlands, projects beginning expanded operations in Pakistan before winter 2020.
The EETL terminal, Pakistan’s first floating LNG import terminal, began operations in March 2015. The terminal has been delivering up to 690 MMcf/d of natural gas directly into Sui Southern Gas Company’ s natural gas pipeline system. The Exquisite currently fulfills as much as 15% of Pakistan’s domestic daily natural gas requirements and is recognized as the most utilized FSRU worldwide. EETL has imported more than 275 LNG cargoes to date.