Page 12 - AsianOil Week 31 2022

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SOUTH ASIA the overall performance despite turbulent “We value our collaboration with Engro
times in the gas business. GAIL has incurred and take great pride in having partnered
GAIL clocks revenue of a capital expenditure of about INR1,975 with them to build Pakistan’s first LNG
crore during the quarter mainly on Pipelines,
import terminal in 2015,” said Mr. Steven
INR37,572 crore (up 116%) Petrochemicals, Equity to JVs, etc., he added. Kobos, president and chief executive officer
of Excelerate. “This agreement builds on the
GAIL (INDIA) LTD, August 04, 2022
in Q1 FY23 momentum we have established by extending
our reach downstream of our existing
GAIL (India) Ltd recorded 116% increase in Engro and Excelerate Energy terminal to key regasified LNG markets in
revenue from operations to INR37,572 crore sign MoU to develop private Pakistan. We remain committed to meeting
in Q1 FY23 as against INR17,387 crore in the Pakistan’s growing energy security needs and
corresponding quarter of previous financial RLNG sector in Pakistan look forward to expanding our collaboration
year. The company’s profit before tax (PBT) with Engro in this pivotal market.”
increased 90% to INR3,894 crore in Q1 FY23 Engro Eximp, a subsidiary of Engro Since 2015, Engro and Excelerate together
as against INR2,054 crore in Q1 FY22 while Corporation, announced today that it has have played a key role in strengthening energy
profit after tax (PAT) rose 91% to INR2,915 entered a memorandum of understanding security of Pakistan through continuous
crore in Q1 FY23 as against INR1,530 crore (MoU) with Excelerate Energy, a leading operations of Pakistan’s first LNG import
in the corresponding quarter of last fiscal. provider of flexible LNG infrastructure terminal which utilizes a floating storage and
The positive results were mainly on account solutions around the world, related to the regasification unit provided under a long-term
of increased gas marketing and transmission development of a private sector gas marketing charter by Excelerate. The terminal currently
volumes, better marketing spread and higher business in Pakistan. fulfils as much as 15% of Pakistan’s natural gas
product prices. Under this MoU, both partners will jointly requirements and is recognized as the most
On a quarter-on-quarter basis, the revenue evaluate the possibility of establishing a utilised FSRU worldwide.
from operations increased 39% to INR37,572 regasified LNG (RLNG) marketing business ENGRO EXIMP AND EXCELERATE ENERGY,
crore in Q1 FY23 as against INR26,968 crore with maximum participation from the August 03, 2022
in Q4 FY22, Profit before Tax (PBT) increased country’s private sector. This initiative has
10% to INR3,894 crore from INR3,546 the potential to increase private company
crore while profit after tax (PAT) rose 9% to participation in Pakistan’s LNG sector and SOUTHEAST ASIA
INR2,915 crore as against INR2,683 crore, enhance Pakistan’s energy security by opening
primarily because of the same reasons. up new RLNG supply avenues for businesses Keppel O&M awarded
On a consolidated basis, the revenue from and consumers. This endeavor comes at a
operations increased 116% to INR37,942 point when the need for energy security floating production
crore in Q1 FY23 as against INR17,589 crore has become a critical issue globally, and
in corresponding quarter in previous year, particularly for Pakistan, against the backdrop contracts worth around
PBT in Q1 FY23 stood at INR4,230 crore as of current geopolitical dynamics.
against INR2,540 while PAT was INR3,253 Ghias Khan, president and CEO – SGD75mn
crore as against INR2,138 crore. Engro Corporation stated: “I am delighted
On a quarter-on-quarter basis, the revenue that Engro’s collaboration with Excelerate Keppel Offshore & Marine (Keppel O&M)’s
from operations rose 39% to INR37,942 crore Energy has been strengthened through this wholly owned subsidiaries, Keppel AmFELS
in Q1 FY23 as against INR27,328 crore in Q4 agreement, which will help Pakistan meet and Keppel Shipyard, have been awarded
FY22, PBT stood at INR4,230 crore as against its energy needs. As a pioneer in Pakistan’s contracts worth around SGD75mn for the
INR4,375 while PAT was INR3,253 crore as LNG sector, we understand the importance refurbishment and completion of two floating
against INR3,454 crore. of enhancing energy security; an imperative production units (FPU).
Shri Manoj Jain, chairman and managing for Pakistan to ensure economic growth while The first contract is by Keppel AmFELS
director, GAIL said the company has providing consumers access to adequate, with Salamanca FPS Infra for the
successfully registered a healthy growth in reliable, and affordable supplies of energy.” refurbishment of a floating production unit to
be operated by LLOG Exploration Offshore, a
private exploration and production company
in the US.
Keppel AmFELS’ scope of work on the
production facility includes demolition, hull
modifications, and upgrades to key systems.
Expected to be completed in 2Q 2024, the
Salamanca FPU will have a capacity of 60,000
barrels of oil per day and 40mn cubic feet of
natural gas per day. It will be deployed in the
deepwaters of the Gulf of Mexico to service
the Leon field and the Castile field.
As the Salamanca FPU is being
upgraded and modified from a previously
decommissioned production facility, the
time, cost and materials to be used are greatly
reduced compared with the construction

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