The Pakistan Credit Rating Agency Limited
08-Jul-26
Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
Related Research
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PACRA Withdraws Entity Ratings of Engro Elengy Terminal (Private) Limited
| Rating Type | Entity | |
|
Current (08-Jul-26 ) |
Previous (07-Jul-25 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | AA- |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Following management’s decision to discontinue the entity ratings of Engro Elengy Terminal (Private) Limited, PACRA has withdrawn the Company’s entity ratings with immediate effect.
.
About
the Entity
Engro Elengy Terminal (Private) Limited (EETPL) was incorporated on January 9, 2014, and is Pakistan's first LNG terminal operator. The Company commenced commercial operations on March 29, 2015, and operates a 630 MMSCFD Floating Storage and Re-gasification Unit (FSRU) at Berth No. 13, Port Qasim, Karachi. The FSRU is leased from Excelerate Energy, which also provides operations and maintenance (O&M) services. EETPL is wholly owned by Elengy Terminal Pakistan Limited, with shareholding held by Engro Corporation Limited (56%) and Vopak LNG Holding B.V. (44%). Following the resignation of Mr. Mazhar Hasnani, Mr. Syed Ammar Shah was appointed Chief Executive Officer. He has nearly two decades of experience within the Engro Group and has been associated with the development and operations of Pakistan's LNG terminal infrastructure.