4/5 Latif Hyder W. 5 years ago on Google
It
was
1957
when
in
search
for
oil
by
Pak
Stanvac,
an
Esso/Mobil
joint
venture
led
to
the
discovery
of
the
Mari
Gas
field
near Daharki Pakistan.
Esso
proposed
the
establishment
of
a
urea
plant
in
that
area
which
led
to
a
fertilizer
plant
agreement
signed
in
1964.
In
the
subsequent
year,
Esso
Pakistan
Fertilizer
Company
Limited
was
incorporated,
with
75%
of
the
shares
owned
by
Esso
and
25%
by
the
general
public.
The
construction
of
a
urea
plant
commenced
at
Daharki
in
1966
and
production
began
in
1968.
At
US
$43
million
with
an
annual
production
capacity
of
173,000
tons,
it
was
the
single
largest
foreign
investment
by
a
multinational
corporation
in
Pakistan
at
the
time.
Esso
to
Exxon
Limited
In
1978,
it
was
decided
to
rename
the
company
from Esso
Fertilizer
Company
Limited to Exxon
Chemical
Pakistan
Limited.
In
1991,
Exxon
decided
to
divest
its
fertilizer
business
on
a
global
basis.
The
employees
of
Exxon
Chemical
Pakistan
Limited,
in
partnership
with
leading
international
and
local
financial
institutions,
bought
out
Exxon’s
75%
equity.
This
was
at
the
time
and
perhaps
still
is
the
most
successful
employee
buy-out
in
the
corporate
history
of
Pakistan.
Renamed
as
Engro
Chemical
Pakistan
Limited,
the
Company
has
gone
from
strength
to
strength,
reflected
in
its
consistent
financial
performance,
growth
of
the
core
fertilizer
business,
and
diversification
into
other
businesses.
As
Engro
Chemicals
(further
expansions)
It
was
year
1997
when
Engro
Chemical
Pakistan
limited
decided
to
establish Engro
Vopak
Terminal
Limited on
50/50
partnership
basis
between
Engro
and Royal
Vopack
of
Netherlands,
for
handling
bulk
liquid
chemical
storage
at Port
Qasim Karachi.
In
that
same
year
Engro
Asahi
polymer
Chemicals
limited
was
established
in
a
result
of
joint
venture
between Mitsubishi
Corporation and
Asahi
for
the
manufacturing
and
marketing
of
PVC
resin.
Recent
history
Engro
company
was
established
in
2003,
after
which
in
2005
Engro
decided
to
diversify
their
business
more
by
venturing
into
the
food
business
by
establishing Engro
Foods
Limited.
Engro
also
ventured
into
the
power
generation
business
by
setting
up
Engro
Energy
Limited
in
2006,
which
later
on
was
renamed
as
"Engro
Powergen
Limited"
in
2008.
It
was
established
with
the
basic
aim
to
play
Engro's
part
to
tackle
the
energy
crisis
in
the
country.
In
year
2007,
Engro
Asahi
polymer
divested
its
share
in
joint
venture
with
Mitsubishi
and
the
company
renamed
as
Engro
Polymer
and
Chemicals
Limited.
In
2010,
keeping
in
view
the
immense
diversification
of
Engro
Chemical
Pakistan
Limited,
it
was
decided
to
rename
the
company
as
Engro
Corporation
as
the
holding
company
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