AS ONE of the world's leading trading firms specializing in energy, metals, and minerals, Trafigura is proud to join the inauguration celebrations for Pakistan GasPort Consortium Limited's landmark FSRU-based LNG import terminal at Port Qasim, Karachi. Trafigura salutes His Excellency Prime Minister Shahid Khaqan Abbasi and the Government of Pakistan on this important day and for putting Pakistan on the global LNG map. Trafigura is very grateful that His Excellency and the Government of Pakistan have had the wisdom to provide strong support and guidance for this project, which will more than double Pakistan's current LNG regasification capacity, and to make the development of an LNG import market a cornerstone of their energy policy.
This nationally important project, in which Trafigura is pleased to be a minority investor, is a vital step towards meeting Pakistan's growing demand for imported liquefied natural gas, a cost effective and relatively clean fuel for power generation and an essential requirement for the country in view of diminishing supplies of local gas.
Trafigura reaffirms its strong belief in the growth potential of Pakistan's energy sector, and it very much looks forward to deepening its involvement in the development of this critical sector in the immediate future. Trafigura certainly has a role to play. It is the world's largest independent trader of LNG, operating in six continents. It has invested significantly in recent years in cost effective LNG infrastructure, including Floating Storage and Regasification Units (FSRUs) that facilitate the opening up of new markets. Trafigura knows that securing a reliable flow of LNG imports requires investments in facilities like the PGPC LNG import terminal and it is delighted to soon be able to supply 90mmscfd of gas from this terminal to private buyers in Pakistan each day.
The PGPC LNG import terminal and associated supply agreements are a milestone in the wider and growing relationship between Trafigura and Pakistan - a relationship that is becoming increasingly important on multiple fronts. In addition to the LNG cargoes Trafigura has been bringing to Pakistan, it is now also the country's leading exporter of naphtha and condensate. Trafigura is also responsible for nearly a quarter of Pakistan's imports of steam coal and it regularly supplies crude oil and other refined products too.
Its downstream partner Puma Energy, in which Trafigura owns 49 percent holding, too, is a big believer in Pakistan's energy future and growth potential. This is demonstrated by Puma's recent acquisition of a 51 percent interest in Admore Gas, a leading independent oil marketing company. With LNG demand growing rapidly, Trafigura plans to establish a second LNG import terminal here at Port Qasim to operate entirely in the private sector. Trafigura also intends to invest in the setting up of Pakistan's first refrigerated cargo terminal for LPG imports. The confidence of Trafigura and other global giants in Pakistan is the result of the government's investor-friendly policies. We thank His Excellency for marking LNG a reality for Pakistan. PGP