ISLAMABAD- Royal Vopak Dutch Company is going to invest $1.5 billion in the land-based state of the art modern LNG terminal facility. The terminal will provide cost effective facility to LNG consumers in the country.
The company will also invest $800 million in PARCO Coastal Refinery which will provide storage facility and $150 million in the construction of Prolepryplene Plant.
A delegation Royal Vopak called on Razak Dawood, Advisor to PM on Commerce, Textile, Industries & Production, and Investment to discuss new opportunities for investment related to Terminal and Storage Facilities of LNG in Pakistan. Royal Vopak N.V. is a Dutch company that stores and handles various oil, chemicals, edible oils and natural gas-related products all over the world, in a statement issued on Tuesday.
Back in July, 2018, The Royal Vopak announced that it would acquire in total 44% in Elengy Terminal Pakistan Ltd (ETPL) in separate transactions with International Finance Corporation (IFC) and Engro Corporation Ltd (Engro Corporation). This includes the acquisition of a 29% share.
ETPL’s wholly owned subsidiary, Engro Elengy Terminal (Pvt) Ltd (EETPL) owns an LNG facility which is located in Port Qasim in Pakistan, adjacent to the Engro Vopak chemical terminal on the mainland side of the channel into Port Qasim.
Former Prime Minister Shahid Khaqan Abbasi, former Chairman Sui Southern Gas Pipeline Limited (SSGC) and other are facing case in Accountability Courts for allege long term LNG contract to Qatar and award of terminal to ETPL.