Pakistan’s largest conglomerate, Engro Corp, is eyeing expansion into new markets like the Middle East, Central Asia, and Africa, according to Samad Dawood, vice chairman of Dawood Hercules Corp, Engro’s major investor.
In an interview with Reuters, Dawood revealed Engro Corp’s interest in global opportunities in liquefied natural gas (LNG) and hydrogen energy.
Engro Corp plans to explore telecoms infrastructure in the Middle East, North Africa, and Central Asia, while considering Africa for expanding its fertilizer businesses.
With a market capitalization of 193 billion rupees ($694 million) and assets worth 802 billion rupees ($2.9 billion), Engro Corp is a major player in Pakistan’s economy, spanning energy, fertilizer, telecommunications, and consumer goods sectors.
The company, owning a majority stake in Pakistan’s first LNG terminal in Karachi, meets 15% of the country’s natural gas demand.
Despite selling its coal-based assets, Engro remains committed to investing in the energy sector and exploring sustainable energy production avenues.
Engro is exploring hydrogen energy solutions, including using ammonia as an energy transition solution, by collaborating with technology providers.
Dawood emphasized that Pakistan still faces energy security challenges, presenting ample investment opportunities in the power sector.
Pakistan’s increasing reliance on LNG reflects dwindling domestic gas supplies, prompting the need for alternative energy sources.
