A German company TPR Fiber would invest one billion euros in a joint venture with Union Group of Companies (UGCs)to set up oil rigs assembly and water pipe plant in Rawalpindi employing over 500 people.
This was stated by Michael Stutzil, head of TPR Fiber, here on Thursday while briefing the reporters about the details of the joint venture. Zulfiqar Ali and Aamir Shahzad of Union Group of Companies (UCGs)were also present.
"We would also install plant in Multan in second phase", Michael told reporters adding that local and international oil companies in Pakistan would also benefit from these projects.
He said that Oil and Gas Development Corporation Limited (OGDCL) would get international standard oil rigs at cheaper rates. This would save precious foreign exchange, he added. Speaking on the occasion, Zulfiqar Ali said that water pipe industry would help the government provide safe and clean drinking water to people.