Engro Corporation's upcoming billion-dollar project in the petrochemical sector will generate direct and indirect employment opportunities for over 50,000 persons and will be pivotal for import substitution.

This was learned during a meeting between the Chairman Board of Investment (BOI) Atif Bokhari and the business delegation of Engro Corp led by the company’s CEO Ghias Khan to discuss their upcoming project of greenfield petrochemical integrated complex polypropylene.

Ghias shared that the prospective project will be valuable for the government in terms of revenue generation and will promote domestic growth and the economy.

Bokhari said that BOI is leading various reform drives that are promoting a conducive business environment and a venture of such magnitude is a testament to growing investor confidence in our market. He said that Engro Corp has been assured of BOI's complete support to ensure timely operationalization of the project.

Weeks ago, Engro Corp announced that it will spend $31.4m to conduct engineering, design, and technical studies for its proposed polypropylene (PP) facility based on propane dehydrogenation (PDH).

The company in its filing to the Pakistan Stock Exchange said that a front-end engineering design (FEED) study will also be carried out on the PDH-PP project."The results of these studies, when completed, are expected to inform the final investment decision in relation to this project, which decision will also be based on a conducive policy environment and arranging the right mix of debt and equity partners at such time," the company said.

However, no timelines were disclosed on the completion of the project studies.