• Monday, November 18, 2019

Dutch giant Royal Vopak to invest $2.8bn in Pakistan

Discussion in 'Pakistan Economy' started by Shahzaz ud din, Aug 28, 2019.

  1. Shahzaz ud din

    Shahzaz ud din SENIOR MEMBER

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    Dutch giant Royal Vopak to invest $2.8bn in Pakistan
    By
    Staff Report
    -
    August 27, 2019
    0
    1022
    [​IMG]
    ISLAMABAD: A delegation of Royal Vopak, a leading Dutch company that stores and handles various oil, chemicals, edible oils and natural gas-related products across the world, called on Adviser to Prime Minister on Commerce Abdul Razak Dawood on Tuesday to discuss new investment opportunities related to terminal and storage facilities for Liquefied Natural Gas (LNG) in Pakistan.

    The delegation head apprised the adviser that Royal Vopak would invest $1.5 billion in a land-based LNG terminal facility.

    As per details, the terminal would provide cost-effective facilities to the LNG consumers in the country as modern technology would be introduced there. This facility would also create new employment opportunities, besides bringing technological advancements in the engineering sector of Pakistan.

    Moreover, Royal Vopak would invest $150 million in the construction of a prolepryplene plant as well as $800 million in PARCO Coastal Refinery in order to improve the country’s storage facility.

    The delegation head said that his country was mulling more investments in Pakistan so as to establish long-term economic ties between the two countries.

    He further stressed the need to explore mutual areas of interest for investment in the chemical industry-related projects.

    Abdul Razak Dawood on the occasion urged the delegation/companies to invest in Pakistan keeping in mind it’s improved ranking in the World Bank’s Ease of Doing Business Index.

    “The government has also launched a programme titled ‘Regulatory Guillotine’ to ensure ease the business regulations and to facilitate investors,” he added.

    The adviser said that the government has taken various effective steps to improve investment procedures in the country by establishing better investment facilitation regime in the Board of Investment.

    The adviser further informed the delegation about the enormous investment opportunities in technology upgradation, especially in the chemical sector.

    Dawood said that the country’s special economic zones (SEZs) provide incentives to investors as they allow duty-free import of machinery besides tax holiday for ten years.

    He urged the representatives of Royal Vopak to explore these zones in order to get better returns on their investments.
     
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  2. Darth Vader

    Darth Vader SENIOR MEMBER

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    Here we go again , why This Government cant just release these news when actually materialize.

    How many pre statement have gone sour and they listen dont learn
     
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  3. Samlee

    Samlee SENIOR MEMBER

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    Great News.A Few Days Back Even Vitol Offered Now It Depends On IK Government How They Spread Out The Red Carpet For Them.

    Also I Think Royal Vopak Is Going Into JV With Engro.Their Business Partners in Pakistan
     
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  4. Yaseen1

    Yaseen1 SENIOR MEMBER

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    This is great news and success of govt
     
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  5. Code_Geass

    Code_Geass FULL MEMBER

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    Engro are becoming (if not already) energy giants in Pakistan
     
  6. AZ1

    AZ1 SENIOR MEMBER

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    Good if its happen
     
  7. Flight of falcon

    Flight of falcon FULL MEMBER

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    It’s just a bloody news not a statement from the government.
     
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  8. T|/|T

    T|/|T FULL MEMBER

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    We need to get rid of imported LNG and not spend money on storage development. Already Pakistan have stopped local gas production due to imported LNG and drop in usage.
     
  9. Samlee

    Samlee SENIOR MEMBER

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    Both Can Go Hand In Hand.Infrastructure Does Need To Be Upgraded.
     
  10. Code_Geass

    Code_Geass FULL MEMBER

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    I think LNG is alternative to furnace oil not locally available gas