Tag: Engro

Engro and Excelerate Energy Sign MoU to Develop Private RLNG Sector in Pakistan

Engro Eximp FZE, a subsidiary of Engro Corporation, announced today that it has entered into a Memorandum of Understanding (“MOU”) with Excelerate Energy, Inc. (NYSE: EE) (Excelerate), a leading provider of flexible LNG infrastructure solutions around the world, related to the development of a private sector gas marketing business in Pakistan.

Under this MOU, both partners will jointly evaluate the possibility of establishing a regasified LNG (RLNG) marketing business with maximum participation from the country’s private sector. This initiative has the potential to increase private company participation in Pakistan’s LNG sector and enhance Pakistan’s energy security by opening up new RLNG supply avenues for businesses and consumers. This endeavor comes at a point when the need for energy security has become a critical issue globally, and particularly for Pakistan, against the backdrop of current geopolitical dynamics.

Ghias Khan, President & CEO – Engro Corporation stated, “I am delighted that Engro’s collaboration with Excelerate Energy has been strengthened through this agreement, which will help Pakistan meet its energy needs. As a pioneer in Pakistan’s LNG sector, we understand the importance of enhancing energy security; an imperative for Pakistan to ensure economic growth while providing consumers access to adequate, reliable, and affordable supplies of energy.”

“We value our collaboration with Engro and take great pride in having partnered with them to build Pakistan’s first LNG import terminal in 2015,” said Mr. Steven Kobos, President & Chief Executive Officer of Excelerate. “This agreement builds on the momentum we have established by extending our reach downstream of our existing terminal to key regasified LNG markets in Pakistan. We remain committed to meeting Pakistan’s growing energy security needs and look forward to expanding our collaboration with Engro in this pivotal market.”

Since 2015, Engro and Excelerate together have played a key role in strengthening energy security of Pakistan through continuous operations of Pakistan’s first LNG import terminal which utilizes a floating storage and regasification unit provided under a long-term charter by Excelerate. The terminal currently fulfills as much as 15 percent of Pakistan’s natural gas requirements and is recognized as the most utilized FSRU worldwide.

Engro Fertilizers highlights the role of Pakistan towards promoting regional food security at Expo 2020 Dubai

Karachi, Tuesday 22 Feb: Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, hosted an insightful dialogue at Expo 2020 Dubai to highlight the food security situation in the Gulf and the potential partnership opportunities with Pakistan to overcome the regional food security challenges.

 

The panel comprised global agricultural and industry experts including Dr. Abdul Rashid (IFA Laureate), Charles Schneider (International Finance Corporation), Ayman Alwadhy (The Corporate Group, UAE), Wasim Halabi (Foodco National Foodstuff Co PJSC), Fredric Favre (MAS Seeds, France) and Khusrau Nadir Gilani (Engro Fertilizers). The event was also graced by Mr. Hussain Dawood (Chairman of Engro Corporation and Dawood Corporation), Mr. Shahzada Dawood (Vice Chair, Engro Corporation), Ghias Khan (President & CEO of Engro Corporation) and Nadir Salar Qureshi (CEO of Engro Fertilizers), along with other members of the Engro leadership team.

 

The expert panel pointed out that food security in the Gulf region is a growing challenge due to high dependence on food imports, increasing water scarcity, climate change and supply chain interruptions. In 2020, the region’s share of the acutely food insecure global population was 20%, which is disproportionately high compared to its 6% share of the population. By forging partnerships in the agricultural sector with large established sustainable agri-base countries, like Pakistan, the region can benefit from enhanced agricultural output to overcome its food security challenge.

 

There is significant potential to increase Pakistan’s agricultural output with focus on modern technology, seed quality, balanced use of fertilizers, and uplift of infrastructure across the agri value chain. It was noted that if average farmer yields are brought at par with those of progressive farmers within the country, Pakistan will see a dramatic increase in wheat and rice production serving not only the needs for domestic consumption, but also create significant surpluses for exports to the Gulf-Region. The Government of Pakistan was also applauded for its efforts to improve water provision and farm economics, resulting in an increase of approximately 1.6 million hectares in area under cultivation with further growth anticipated with large irrigation projects underway.

 

According to Nadir Qureshi, “To bridge the agri yield gap and enrich crops with essential nutrients, Engro Fertilizers has introduced innovative products and seed-to-harvest solutions, farmer upskilling programs, access to expert advice by leveraging technology, and free of cost soil testing laboratories. We hope that this dialogue will serve as an initial step to encourage Pakistan, Engro and Gulf entities to work together to jointly develop innovative solutions and explore the scope for international partnerships in the agri space.”

 

The panel discussion concluded that the food and agriculture sector can be an engine of economic growth for both the Gulf region and Pakistan. Through the adoption of technological innovation and sustainable practices, the agricultural sector of Pakistan can be transformed to reduce dependence on food imports, create surpluses to drive significant exports and meet the Gulf regions’ dietary nutrition requirements.

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