Vopak to buy 44% stake in Elengy Terminal Pakistan

The acquisition will be done in separate transactions with International Finance Corp (IFC) and Engro Corp and will include a 29 percent share it had already said it would buy in July, the company said in a statement

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SINGAPORE: Global independent tank storage company Vopak said on Tuesday it will acquire a total 44 percent stake in Elengy Terminal Pakistan Ltd, which operates the South Asian nation’s first liquefied natural gas (LNG) import facility.

The acquisition will be done in separate transactions with International Finance Corp (IFC) and Engro Corp and will include a 29 percent share it had already said it would buy in July, the company said in a statement.

The acquisition is subject to certain conditions, including regulatory and shareholder approvals, with closing expected to take place in the first quarter of next year, Vopak said.

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