A delegation of Royal Vopak, a leading Dutch company called Razak Dawood (Advisor to PM on Commerce, Textile, Industries & Production, and Investment) to discuss new opportunities for investments related to LNG Terminal and Storage Facilities of Pakistan. Royal Vopak N.V. is a Dutch company that stores and handles various oils, chemicals, and natural gas-related products all over the world.
The delegation head informed the Advisor that Royal Vopak plans on investing 1.5 billion USD in the land-based LNG terminal facility. The terminal will provide cost-effective facilities to LNG consumers in the country by introducing state of the art technology.
This facility will create new employment opportunities and will bring technological skills in Pakistan’s engineering sector. They will also invest $150 million in the construction of Prolepryplene Plant and $800 million in PARCO Coastal Refinery which will act as a storage facility.
The delegation head of Royal Vopak said that his country has been considering investing in Pakistan to establish long term economic ties between both the countries. He also stressed to explore mutual areas of interest, like investing in chemical industry-related projects.
The Advisor urged the delegation/companies to invest in Pakistan, one major reason for this was the improved global ranking in Ease of Doing Business Index by 11 points. In this regard, Pakistan has launched a program titled Regulatory Guillotine to ease the business regulations and to facilitate investors.
He also added that Pakistan has taken various effective steps in improving investment procedures by establishing a better investment facilitation regime in the Board of Investment. The Advisor also informed the delegation about the enormous investment opportunities in technology up-gradation in various sectors of the economy including the chemical sector.
Further, he talked about Special Economic Zones (SEZs) that provide incentives to investors by allowing duty-free import of machinery besides the tax holiday for ten years and urged the representative of Royal Vopak to invest in these zones to get better returns on their investments.