ISLAMABAD: World fame Dutch oil company, Royal Vopak is going to invest $ 2.8 billion in Pakistan due to improved investment regime and conducive business environment being provided by the government.
A delegation of Royal Vopak called on Adviser to Prime Minister on Commerce, Textile, Industries and Production, and Investment, Razak Dawood to discuss the new opportunities for investment related to Terminal and Storage Facilities of Liquefied Natural Gas (LNG) in Pakistan.
Royal Vopak N.V. is a Dutch company that stores and handles various oil, chemicals, edible oils and natural gas-related products all over the world, said a press release issued by ministry of commerce here on Tuesday.
The Adviser to the PM urged the delegation to invest in Pakistan owing to its improved global ranking in Ease of Doing Business Index by 11 points.
In this regard, Pakistan has launched a program titled Regulatory Guillotine to ease the business regulations to facilities investors.
He added that Pakistan had taken various effective steps to improve investment procedures by establishing better investment facilitation regime in the board of Investment.
Moreover, the advisor informed the delegation regarding enormous investment opportunities in technology upgradation in various sectors of the economy including chemical sector.
Further, he apprised the delegation that Special Economic Zones (SEZs) provide incentives to investors by allowing duty free import of machinery besides tax holiday for ten years and urged the representative of Royal Vopak to make investment in these zones to get better returns on their investments.
Head of the delegation apprised the adviser to PM that Royal Vopak was going to invest $ 1.5 billion in the land-based LNG terminal facility.
He said the terminal would provide cost effective facility to LNG consumers in the country by introducing state of the art modern technology.
He said this facility would create new job employment opportunities besides technological know-how in the engineering sector of Pakistan.
Moreover, they will also invest 150 million USD in the construction of Prolepryplene Plant and 800 million USD in PARCO Coastal Refinery which will provide storage facility.
The head of the delegation of Royal Vopak urged to have more investment in Pakistan in order to establish long term economic ties between both the countries.
He also stressed to explore mutual areas of interest for the investment in chemical industry related projects.
