IMGC to set up refinery at Port Qasim

Thursday, 15 May 2008 09:03 Bliss

IMGC is to set up a refinery at Port Qasim Karachi. IMGC signed a contract with most renowned and leading manufacturer Desmet Ballestra (SEA) Pve Ltd, Singapore for setting up an edible oil refinery, processing unit and packing plant with latest technology. A contract has been signed by Sh. Amjad Rashid, Chairman, IMGC Edible Oil (Private) Ltd Pakistan, and Andre Gheyse, of Desmet Ballestra (SEA) Pvt Ltd, Singapore.

Total project cost outlay is around Rs 750 million with working capital of around Rs 1.25 billion. Project is likely to be financed by Saudi Pak Industrial and Agricultural Investment Company (Pvt) Ltd and Habib Metropolitan Bank Ltd.

Other banks have also issued letter of intent to participate in the financing of the project. Besides local supplies, a sizeable export target has been envisaged. It will provide job opportunities to over 500 workers. The project will be completed by June 2009 with partial production from January 2009. Prime Minister of Pakistan has kindly consented to perform stone laying ceremony in June 2008. Pakistan Daily (www.Daily.pk)

http://www.daily.pk/business/business/55-b...port-qasim.html