The Netherlands-based tank storage company Royal Vopak will acquire a 44 percent stake in Elengy Terminal Pakistan Ltd. (ETPL), Vopak said on Tuesday.
The company said the acquisition would be applied in separate transactions with International Finance Corporation (IFC) and Engro Corporation Ltd. (Engro Corporation).
ETPL's wholly-owned subsidiary, Engro Elengy Terminal, owns the the first LNG import facility in Pakistan.
The LNG facility, which has been operational since 2015, is located in Port Qasim in Pakistan, adjacent to the Engro Vopak chemical terminal on the mainland side of the channel into Port Qasim.
Pakistan is a market with more than 200 million people and has growing energy demand in which the share of gas is expected to increase.
Gas is mainly used for power supply for the growing population, for industrial usage and as feedstock for fertilizers.
This acquisition is subject to customary regulatory and shareholder approvals, and closing is anticipated to take place in the first quarter of 2019.
By Murat Temizer