EVTL Expansion (IFC-41822)

Countries
  • Pakistan
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 30, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Engro Vopak Terminal Ltd.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 3, 2019

Disclosed by Bank Apr 25, 2019


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the bank website, "Engro Vopak Terminal Ltd. owns and operates the largest terminal and storage facility for bulk liquid chemicals and Liquified Petroleum Gas (LPG) in Pakistan. It is involved in the handling and storage of Para-Xylene, Acetic Acid, Ethylene Di Chloride (EDC), Vinyl Chloride Monomer, Ethylene, Mono Ethylene Glycol, Phosphoric Acid and LPG. The proposed investment will support the Company to: i) expand LPG storage capacity by 6,000 tons; ii) expand EDC handling facility; iii) undertake 3-year terminal rehabilitation program and; iv) install solar panels"

Investment Description
  • International Finance Corporation (IFC)
Private Actors

According to IFC, Engro Corporation Limited (“ECorp” or the “JV Partner”) and Royal Vopak N.V. (“Vopak” or the “JV Partner”) of Netherlands are the joint venture partners each holding 50% shareholding in the Company. ECorp is one of Pakistan’s largest and professionally managed conglomerates with business interests in fertilizers, foods, chemical storage & handling, trading, energy and petrochemicals. Its main shareholder is Dawood Hercules Corporation, which is owned by Dawood family and associated companies. ECorp is listed on Pakistan Stock Exchange. The remaining shareholding is distributed among various institutions and general public.

Contact Information

Engro Vopak Terminal Limited
Muneeza Kassim
Chief Financial Officer
+92-21-35293901-3
mkassim@engro.com
Corporate Office Block, 4th Floor, Office #5, Dolmen City, HC# 3, Block 4, Scheme 5, Clifton, Karachi-75600, Pakistan
www.engrovopak.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/