Lucky Group, Sapphire Group And Hallmore Power To Form Joint Venture

Published: Sep 02 2017
Deal Summary

Lucky Group, a cement producer, intends to form joint venture to own and operate Liquid Natural Gas (LNG) terminal at Qasim Port, Karachi, Pakistan, with Sapphire Group, a diversified company, and Halmore Power Generation Company Limited, a power generation company.

The terminal will be a floating ship re-gasification unit (FRSU) and will have a capacity of 600msft3 per day.

Agha Jan Akhtar , chairman of Port Qasim Authority, said, “The consortium is expected to set-up a floating ship re-gasification unit (FRSU) with a capacity of 600msft3 per day. LNG wil be imported and marketed by themselves as there is no tolling agreement with the government. However, they would be using the national grid system of two gas utilities – Sui Southern and Northern gas pipelines. There is a possibility that they would be using imported LNG for their own projects because both the groups already have their own cement and power plants in the country which are using other costly fuels. If this goes well it would mean that in total there would be six LNG terminals at Port Qasim, with a handling capacity of 3600msft3 per day.

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