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National Day of
Oman: Engro Chemical Pakistan to go International
BY
Mohammad Ali Khaskheli
 For
over three decades, Engro Chemical Pakistan Limited has been
in agri business and its products marketed under the brand
name Engro have become a household name in the agriculture
sector of Pakistan.
The company is one of the
large urea fertiliser producer of the country with
production capacity of 850,000 tons per annum.
Engro enjoys a market
share of 20% of the country's total fertiliser market.
From the inception to the
company until 1991, the majority share was Exxon Corporation
of USA who owned 75% of the stock.
In 1991 the Company
underwent an employee led buyout the first in the corporate
history of Pakistan.
And the present shareholders
are the employees, an employees trust, local and foreign
institutions including mutual funds and the general public.
Following the buyout, the
Company embarked upon major programs to grow and diversify
its businesses.
It made a sizeable investment
of US$250 million to grow its urea business. Aside from that
it has set up two joint ventures with leading international
companies.
These joint ventures are
Engro Vopak Terminal Ltd. and Engro Asahi Polymer &
Chemicals Ltd.
In addition the Company has
broadened its fertiliser product slate by setting up a new
plant at Port Qasim Karachi, to produce 100,000 tons of
granulated NPK fertilisers with different crop specific
grades to suit the farmers requirement of balanced
fertilisation.
Engro also markets high
quality hybrid and open pollinated seeds under the brand
name "Bemisal".
After it's successful
experience of joint ventures in Pakistan, the Company
recently announced it's intention to venture overseas. The
country it has selected for it's first investment is Oman.
In this regard the Company
recently signed an MoU to set up an 850,000 tons p.a.
Ammonia-Urea complex in the Sultanate.
The project is premised on utilising Oman's gas reserves and
Engro's experience to build and operate fertiliser plants.
Engro's partner in this
venture is Oman Oil Company, a premier 100% government owned
company which operates on commercial lines.
The partners are targeting to
complete the feasibility by middle of 2003. Engro is
confident that the project has good fundamentals and
prospects.
Engro looks to the future with optimism and confidence. It
has set itself a vision "to be the premier Pakistani
enterprise with a global reach, passionately pursuing value
creation for all stakeholders".
Source: Business Recorder
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