Engro looking to go global, says Samad Dawood

Pakistan’s largest conglomerate, Engro Corp, is looking to expand into new markets, including the Middle East, Central Asia and Africa, the chemicals-to-energy company’s largest investor said on Tuesday. Speaking to Reuters in a rare interview, Samad Dawood, vice chairman of Dawood Hercules Corp, which owns 40 per cent of Engro Corp, said the company was also considering global liquefied natural gas (LNG) opportunities and hydrogen energy. The expansion plans include looking at telecoms infrastructure in the Middle East, North Africa, and Central Asia while it is looking at Africa to expand its fertiliser businesses, he said. Engro Corp has a market capitalisation of Rs193 billion ($694m) on the Pakistan Stock Exchange and assets of Rs802bn ($2.9bn), according to public data. The group has businesses across multiple sectors in Pakistan, including energy, fertiliser, telecommunications and consumer goods. It owns 56pc of Pakistan’s first LNG terminal, Engro Elengy Terminal Pakistan, established in Karachi in 2015. Dutch energy logistics giant Royal Vopak owns the remaining 44pc.