ADB to help fund LNG terminal

MONITORING REPORT ISB: The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal, a special purpose company which will build Pakistans first liquefied natural gas (LNG) regasification terminal.

“Pakistan urgently needs to utilize its existing power generation capacity fully, while reducing its reliance on costly imported diesel fuel for electricity generation,” said Azim Hashimi, an investment specialist from ADB.

He said that regasification of LNG will allow generation facilities to reach their maximum potential, using a cleaner and more efficient fuel, and will support the countrys push for greater energy security and diversification.The loan will be used to build and operate the regasification facility at Port Qasim, Karachi.

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