PACRA Maintains Entity Ratings of Engro Elengy Terminal (Private) Limited

The ratings reflect the strong business profile of Engro Elengy Terminal (Private) Limited (EETPL or the Company), being the pioneer LNG terminal operator in Pakistan. The Company's strength is further reinforced by the Government of Pakistan’s continued commitment to meeting the country’s energy needs through imported LNG. Another key factor supporting the rating is the financial strength and extensive energy sector experience of its sponsors—Engro Corporation Limited and Vopak LNG Holding B.V. The installed Floating Storage and Regasification Unit (FSRU) has a guaranteed regasification capacity of 630 MMSCFD, with a peak capacity of 690 MMSCFD. This ensures a sizable and recurring revenue stream, as reflected in the Company’s topline of PKR 15.17 billion during 9MCY24 (CY23: PKR 21.3 billion). Operationally, EETPL maintained high performance, with terminal availability of 95% during the period—a result of technically sound operations and robust maintenance managed by Excelerate Energy (EE), the O&M operator, which remains a key source of operational reliability. EETPL benefits from a low business risk profile, supported by a long-term LNG services agreement with SSGC, ensuring guaranteed off-take. This translates into stable revenue and cash flows, subject to adherence to agreed operational parameters. Despite sectoral challenges, SSGC has consistently demonstrated timely payments, further supporting EETPL’s financial stability. The Company fully repaid its project-related debt in December 2024, resulting in a deleveraged balance sheet. Operational costs are now entirely met through robust internal cash generation, with minimal reliance on short-term borrowings. The adoption of IFRS-16, which requires the recognition of leased assets and corresponding liabilities, increased accounting leverage but had no material impact on the Company’s net financial position. Overall, strong internal cash flows continue to strengthen EETPL’s financial risk profile.
The ratings remain dependent on smooth operations of the terminal, and conduct of sole buyer with reference to timely payments to Engro Elengy Terminal.

About the Entity
Engro Elengy Terminal (Private) Limited (EETPL), incorporated on January 9, 2014, is Pakistan’s first LNG terminal operator, commencing operations on March 29, 2015. Located at Berth No. 13, Port Qasim, Karachi, the terminal includes a 630 MMSCFD Floating Storage and Re-gasification Unit (FSRU) leased from Excelerate Energy, which also handles O&M services. EETPL is wholly owned by Elengy Terminal Pakistan Limited—jointly held by Engro Corporation (56%) and Vopak LNG Holding B.V. (44%), a global terminal operator. The Board comprises three directors: two from Engro and one from Vopak (Mr. Christopher Robert Robblee). After Mr. Mazhar Hasnani’s resignation, Syed Ammar Shah was appointed CEO. With over 16 years at Engro, Ammar played a key role in establishing the LNG terminal and, as former COO, oversaw 60% of Pakistan’s chemical, LPG, and LNG throughput. He currently also serves as CEO of Engro Vopak.