Engro Corporation is all set to invest in the establishment of a world class state of the art petrochemical plant in the country. The investment is aimed at helping to reduce the imports and boost exports of Pakistan.
The conglomerate intends to establish a plant for the manufacturing of polypropylene resin, which is used in making plastic bags for carrying and supplying fertiliser and sugar to the market, confectionery wrappers, plastic pipes and other construction fitting material, film and sheet.
For this purpose the company has already allocated a considerable sum of money to conduct studies before the final investment is made. Engro Corporation’s Board has approved an investment of $31.4 million towards conducting engineering, design, and technical studies including a FEED study in relation to a polypropylene facility based on propane dehydrogenation (PDH-PP Project).
According to the CEO, Mr. Ghias Khan, the company will import raw material (propane gas) to produce polypropylene resin locally. Besides, the company might consider exporting surplus production. Neighboring country China is a big importer of resin globally, and Pakistan could benefit hugely by exporting resin to its neighbor. The project will save Pakistan a net $250-300 million annually