Chairman Trans Polymers calls on High Commissioner

 

Letter of Intent handed over to TPL

 

The Chairman of Trans Polymers Ltd. (TPL) Mr. Peter Lloyd-Cooper called on the High Commissioner Mr. Wajid Shamsul Hasan on Monday, 20^th October. He apprised the High Commissioner on the progress of TPL's Project in Pakistan. The High Commissioner on behalf of the Ministry of Industries handed over a letter of intent to the Chairman of TPL.  

 

Mr. Peter Lloyd-Cooper thanked the High Commissioner for his assistance and support to TPL's Project.

 

TPL aims to establish a petrochemical complex at Port Qasim, Karachi. The Project which is the first of its kind in Pakistan will ultimately lead to foreign investment of between US$ 1.5 billion to US$ 2.0 billion and should create in excess of 3,000 jobs. According to the High Commissioner, TPL's investment in the total complex should, in due course, result in foreign exchange savings of over U$ 0.5 billion annually, as a result of import substitution and exports, which should help in reducing the trade deficit of Pakistan. The entire production of the plants should be sufficient to meet the currently projected local requirements for polymers. 

 

TPL's investment should be viewed as a strong indicator of Foreign Companies confidence in the policies pursued by the new democratic government under the leadership of President Asif Ali Zardari and Prime Minister Yousaf Raza Gillani, the High Commissioner added.