Brothers Gas, one of Dubai’s leading oil and gas companies, is set to invest $15 million to set up an industrial gas plant in Pakistan. The Board of Investment (BOI) reported that the plant would be built in the M3 industrial area in Faisalabad.
Kashif Maqsood, Managing Director, Brothers Gas, confirmed the company’s intention to set up a bottling plant at the SEZ, Faisalabad, in a meeting with Fareena Mazhar, Secretary BOI, in Dubai.
Secretary BOI, Ms. @fareena_mazhar met with Mr. Kashif Maqsood, Managing Director of @BrothersGas, one of the leading oil & gas companies in Dubai. Mr. Maqsood confirmed their plan to set up a bottling plant at Special Economic Zone in Faisalabad. The company..1/2 pic.twitter.com/Rj1ZUm1FE0
— Board of Investment, Pakistan (@investinpak) December 8, 2021
The Board of Investment (BOI) had held an investment seminar on December 6 at the Pakistan Pavilion in the Dubai Expo. The hybrid seminar was attended by the local and international business community, which joined either physically or through a digital medium.
The focus during the seminar was on the potential for investments in Pakistan’s knowledge economy and technology sectors, among others.
The business community was also appraised during the meeting on the investment policies of the government of Pakistan, which provide ease of investment to foreign investors.
The MD, Brothers Gas, also attended the seminar with his senior management team comprising five members.
The BOI officials have also revealed that Brothers Gas was earlier assisted to acquire a plot to set up the plant in the SEZ, Faisalabad.
The Brothers Gas delegation has disclosed that the company would be investing in three phases with a $15 million initial investment.
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Furthermore, that the plant will produce industrial gasses for the local markets as well as for export to neighboring countries in the first phase.
In the second phase, the delegation revealed that it would also set up another plant that would manufacture Aerosol Propellant Gas (APG). The plant would help meet the local demand for APG, consequently reducing the import of the gas.
In the final phase, the company said it would introduce refrigerant gasses, and ADNOC lubes in the country.
The investment has been termed as a major breakthrough as it would help attract precious FDI into the country said, Secretary BOI.