The Hi-Tech Lubricants Limited plans to set up a state-of-the art blending plant in Lahore which is expected to begin in the first quarter of February this year. Company Chairman Shaukat Hassan speaking with Business Recorder on Saturday said the plant would cost Rs 1.7 billion and also include a 2.1-megawatt power plant to meet electricity requirement.
"We are also going to set up 37 retail centres across the country in the current year for the facilitation of our clients. We plan to export our oil products to Afghanistan, Iran and India, which possess huge market potential to fetch precious forex for the country," he added.
The company's current product portfolio, with the brand named "ZIC", includes a wide range of specialty lubricants in automotive, industrial and marine segments, which are imported from the SK Lubricants Limited in South Korea, and ensures highest quality and maximum protection against engine and machine wear.
In response to a question, the company chairman said, "The government needs to focus on facilitating trade and industry and play the role of facilitator for the industrial sector. The problem of unemployment can only be addressed by promoting industrial growth." He also said the first stage offering of stocks, through the book-building process, would be held on January 6 and 7 at the Pakistan Stock Exchange.