EETL saves Pakistan's $3b by handling 450 LNG cargoes substituting FO import.

ISLAMABAD -- Engro Elengy Terminal (Private) Limited (EETL) on Thursday said it had successfully handled over 450 ship-to-ship [LNG] transfers since 2015, enabling Pakistan to save more than $3 billion through import substitution of the Furnace Oil (FO).

'In 2015, Engro developed the first-ever LNG terminal facility of Pakistan, built in a record 335 days. The terminal currently handles 68% of all LNG imports into Pakistan and now fulfills around 15 per cent of the country's daily domestic gas requirement,' the company said in a news release issued here.

Engro Corporation, Pakistan's premier conglomerate, and Royal Vopak of the Netherlands - the world's largest bulk liquid storage and handling company - have recently celebrated 25 years of a strategic partnership that has led to mutual growth and helped promote energy security and industrialization in Pakistan.

Engro's business relationship with Royal Vopak dates back to 1997 when the joint venture of Engro Vopak Terminal Limited (EVTL) was commissioned as a state-of-the-art chemical storage and handling business at Port Qasim, Karachi.

The relationship between Engro and Royal Vopak of the Netherlands was further strengthened in 2018 when Royal Vopak acquired a total 44 per cent shareholding of Elengy Terminal Pakistan Ltd (ETPL) to enhance its global LNG portfolio.

The EVTL is the only facility in Pakistan that combines services for bulk storage of chemicals, cryogenic and LPG gases all under one operation.

The terminal operations have grown from handling 0.5 million tons of specialized and hazardous bulk liquid cargoes to around 6 million tons per annum.

Since its inception, it has facilitated investments of more than $2 billion in the downstream petrochemical industry. The EVTL provides for over 60 per cent of Pakistan's bulk chemical imports and about 55% of LPG marine imports. 'Therefore, this venture stands as a...