Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Natural Gas

Vopak acquires 29% share in Engro's Pakistan LNG terminal

Commodities | Agriculture | Grains | Energy | Coal | Coking Coal | Thermal Coal | LNG | Natural Gas | Oil | Crude Oil | Metals | Non-Ferrous | Steel | Raw Materials

Market Movers Asia, Aug. 19-23: China veers from US crude as trade tension persists

Natural Gas

Platts Inside FERC Bidweek Watch

Renewables | Natural Gas | Fuel Oil | Infrastructure & Utilities

Central American Energy Conference, 22nd Annual

Natural Gas | Oil

La victoria de la oposición populista en las primarias argentinas puede dejar en suspenso la inversión en energía

Vopak acquires 29% share in Engro's Pakistan LNG terminal

Singapore — Rotterdam-based Royal Vopak has acquired a 29% share in Elengy Terminal Pakistan, whose subsidiary Engro Elengy Terminal owns a floating LNG import facility anchored at Port Qasim in Pakistan, the companies said in a joint statement Friday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The deal gives Vopak, the world's largest independent petroleum storage company, a foothold in Asia's expanding market for LNG infrastructure, driven by growing adoption of LNG as a fuel source. It also underscores how traditional oil-focused companies are diversifying to natural gas in line with oil major strategy.

"This new step in our cooperation gives Vopak an excellent entry in the growing Pakistan LNG market. This fits very well with our ambitions to grow and diversify our service offering in LNG," Vopak's chairman and chief executive Eelco Hoekstra, said.

As of end-April, Vopak operated 66 terminals globally with a storage capacity of 35.9 million cu m, but gas products accounted for only 3-5% of its total portfolio, while the bulk was oil products at 40-45% and the remaining were chemical facilities, industrial terminals and vegetable oils storage.

Even most of Vopak's growth projects under development for 3.1 million cu m of capacity are for oil products, chemicals and LPG. Vopak has said it continues to look for opportunities in the LNG infrastructure market and the FSRU market on a project-to-project basis through joint ventures or acquisitions.

The share purchase agreement between Vopak and Engro, who already operate the Engro Vopak chemical terminal jointly near Port Qasim, is for Pakistan's first LNG import facility that started operations in 2015, and supplies gas to state-owned Sui Southern Gas.

Engro holds a 15-year time charter for the FSRU and the project has long-term LNG supply contracts for feeding power generation, industrial use and as feedstock for fertilizers in Pakistan, which is a market of more than 200 million people and growing energy demand.

The deal is subject to regulatory and shareholder approvals, and expected to close in the fourth quarter of 2018. After the deal, the LNG terminal's shareholders will be Engro, Vopak and the International Finance Corporation.

-- Eric Yep,

-- Edited by Norazlina Jumaat,