Largest shareholders of EPCL are Engro Corporation (56.2%) and Mitsubishi Corporation (11.0%). Engro Corporation (“ECorp” or the “Sponsor”) is one of Pakistan’s largest and professionally managed conglomerates with business interests in fertilizers, foods, chemical storage & handling, trading, energy and petrochemicals.  ECorp’s main shareholder is Dawood Hercules Corporation, which is owned by Dawood family and associated companies. ECorp is listed on Pakistan Stock Exchange. The remaining shareholding is distributed among various institutions and general public.

 The total project cost is estimated at around US$40 million. The proposed IFC investment includes an A loan for up to US$15 million for IFC’s own account.

 Project will be located near Port Qasim in Karachi, Pakistan.

  No governance risks to development impacts.              

 This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability as the E&S impacts are mostly site specific and localized and can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria and adequately managed through the implementation of an expansion work specific Environmental and Social Management Plan.

Specific key environmental and social issues reviewed include: i) project sponsor’s corporate environmental and social management capacity to operate in a manner consistent with IFC Performance Standards; ii) environmental and occupational safety aspects typically associated with operations of chemical plants; iii) efficient use of resources and raw materials; iv) life and fire safety (LFS) conditions of the project; and v) wastewater treatment and disposal.