During a meeting held between the Chairman Board of Investment (BOI) Atif Bokhari and the business delegation of Engro Corp led by the company’s CEO Ghias Khan, it was revealed that their upcoming project of greenfield petrochemical integrated complex polypropylene would create direct and indirect employment opportunities for over 50,000 persons and would be significant for import substitution.
Ghias Khan stated that the project will also generate significant revenue for the government and will effectively contribute to domestic economic growth.
Chairman Board of Investment (BOI), Bukhari said that it has initiated several reform drives that are promoting a conducive business environment and a venture of such magnitude is a testament to growing investor confidence in our market. BOI has guaranteed complete support to Engro Corp ensure timely operationalization of the project, he added.
Engro Corporation, earlier known as Esso Fertilizers, is a Pakistani multinational conglomerate company with subsidiaries involved in production of fertilizers, foods, chemicals, energy and petrochemicals. Its major subsidiaries, Engro Fertilizers, which is one of the largest fertilizer manufacturers of the world.
Engro is not just restricted to Pakistan, in 2011, Engro Corporation had a major global diversification with the acquisition of US-based company, Al-Safa Halal. This new business venture comes under Engro Foods Canada Ltd and its subsidiary Engro Foods USA, LLC. Al Safa Halal targets 7 million population of Muslims in North America.
Earlier, Engro had declared that it will spend $31.4m to conduct engineering, design, and technical studies for its proposed polypropylene (PP) facility based on propane dehydrogenation (PDH).
Though the timeline for the completion project has not been announced yet, the notification mentioned that the results of these studies are expected to inform the final investment decision in relation to this project and aid the arrangement of the right mix of debt and equity partners.