Dubai gas company to invest $15mln in Pakistan
ISLAMABAD: The UAE-based Brother Gas will invest $15 million in Pakistan to set up an industrial gas plant in M3 Industrial area in Faisalabad, said Board of Investment (BOI).
“Secretary BOI, Fareena Mazhar, met with Kashif Maqsood, Managing Director of Brothers Gas, one of the leading oil & gas companies in Dubai. Maqsood confirmed their plan to set up a bottling plant at Special Economic Zone in Faisalabad,” BOI announced via its Twitter Handle on Wednesday.
“The company will be investing in three phases with an initial investment of US$15 million,” the tweet continued.
Secretary BOI termed the investment as a major breakthrough for attracting foreign direct investment (FDI) in Pakistan and reducing imports.
The first phase will include setting up a plant in M3 industrial area in Faisalabad which will serve the local market and facilitate export to neighboring markets from Pakistan. It will include industrial gases with more than 1000 products.
They will install an Aerosol Propellant Gas “APG” plant which will be manufacturing APG within Pakistan instead of importing it. The project will also lead to introduction of refrigerant gasses and ADNOC lubes for first time in Pakistan.
Source: The News