This is in continuation to our letter to the PSX dated April 26, 2019, in relation to the company’s intent to explore investment opportunities in the petrochemical sector and the approval by the Board of Directors of the company (the “Board”) for commencement of a study in relation to a polypropylene facility based on propane dehydrogenation (“PDH-PP Project”).
We are pleased to announce that the Board in its meeting held on April 8th, 2021, has approved an amount of up to USD 31,400,000/- (USD thirty-one million four hundred thousand), or the equivalent in PKR, towards conducting engineering, design and technical studies including a Front End Engineering Design (FEED) study in relation to the PDH-PP Project. Theresults of these studies, when completed, are expected to inform the final investment decision in relation to this project, which decision will also e based on a conducive policy environment and arranging the right mix of debt and equity partners at such time.
