Engro Corporation’s upcoming project of greenfield petrochemical integrated complex polypropylene will generate employment opportunities for over 50,000 persons.
This upcoming billion-dollar project in the petrochemical sector will provide direct and indirect employment to thousands of workers and will be pivotal for import substitution.
This was revealed during a meeting about this new project between the Chairman of the Board of Investment (BOI), Atif Bokhari, and a business delegation of Engro Corporation that was led by its CEO, Ghias Khan.
Met with business delegation of @EngroCorp led by Mr. Ghias Khan, CEO, to discuss their upcoming project of green field petrochemical integrated complex poly propylene. The billion-dollar project will generate direct & indirect employment opportunities for over 50,000 people..1/3
— Atif Bokhari (@AtifRBokhari) April 21, 2021
Ghias Khan stated that the project will also generate significant revenue for the government and will be effective in promoting domestic economic growth.
The Chairman BOI informed the attendees of the meeting that the board is involved in several reform drives that are aimed at promoting investor confidence and making the business environment more conducive.
He added that and such a venture by Engro Corporation is a testament to the growing confidence of investors in the Pakistani market. He assured Engro Corporation of the complete support of the BOI to ensure the timely operationalization of the project.
Engro Corporation had announced a proposed polypropylene (PP) facility based on propane dehydrogenation (PDH) a few weeks ago through a notification submitted to the Pakistan Stock Exchange (PSX). It will spend $31.4 million to conduct the engineering, design, and technical studies for the project. The notification also revealed that the company will carry out a front-end engineering design (FEED) study on the PDH-PP project.
While no timeline for the completion of the project has been announced, 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.