Engro plans to invest in Oman

Economic Review, Sept, 2002

Engro Chemical Pakistan Limited is pleased to announce its intention to build a world scale Ammonia Urea fertilizer complex in the Sultanate of Oman.

A Memorandum of Understanding has been signed between Engro and Oman Oil Company to develop the project which will be set up as a joint venture. The projects is premised on utilizing Omani gas and Engro's expertise to build and operate cost effective plants. The project envisages refurbishing and relocating an existing ammonia plant and constructing a new urea plant and allied Utilities. The plant is being sized to produce 850,000 tonnes of urea per annum for placement in the global markets including Pakistan. The joint venture partners propose to fast track the project and are targeting to complete the detailed technical and economic feasibility studies before middle of 2003.

Oman Oil Company is a commercial company 100% owned by the Government of the Sultanate of Oman. The company was created in 1992 to provide the Government with a vehicle to pursue investment opportunities both inside and outside Oman.

The proposed project will be Engro's first venture overseas and will represent a major industrial undertaking by a Pakistani entity outside the country. Engro is confident of making this pioneering venture successful thereby opening new doors to integrate the country and the company into the global economy.