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Engro Corp approves $31.4m for petrochemical project study

KARACHI: The board of directors of Engro Corporation Limited has approved $31.4 million for commencement of a study on a projected related to petrochemical chemical for future investment prospects.

In an information shared with the Pakistan Stock Exchange (PSX), the company said that the board in its meeting held on April 08, 2021 approved an amount of up to $31.4 million towards conducting engineering, design and technical studies including a Front End Engineering Design (FEDD) study in relation of PDH-PP Project.

The result 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.