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 plants in Rawalpindi employing over 500 people.
This was stated by TPR Fiber Head Michael Stutzil here on Thursday, while briefing the reporters about the details of the joint venture. Zulfiqar Ali and Aamir Shahzad of the UCGs were also present.
"We would also install plant in Multan in the second phase", Michael told reporters adding that local and international oil companies in Pakistan would also benefit from those projects.
He said that Oil and Gas Development Corporation Limited (OGDCL) would get international standard oilrigs at cheaper rates, which would save precious foreign exchange.
Speaking on the occasion, Zulfiqar Ali said water pipe industry would help the government provide safe and clean drinking water to people. The company would offer 50 years guarantee on their pipes and there would be no compromise on the quality.
"We are installing this industry in Rawalpindi as a pilot project and Rawalpindi Chamber of Commerce and Industry (RCCI) would be consulted for making the venture a success," he said and hoped that the chamber would extend its co-operation. Land in RCCI Rawat Industrial Estate would be surveyed soon for the projects", he added.
Zulfiqar said that rig assembly plant would be installed for the first time in Pakistan. He said the Bank of China would grant 50 million euros for this project and Memorandum of Understanding had been inked between the bank, German and Pakistani companies. He said those projects would promote oil and gas sector of the country, and work on those projects would be started in the next eight months.