Karachi: Pakistan Oxygen Limited (POL) has announced plans to invest Rs1.3 billion to set up a cutting-edge hydrogen production facility at Port Qasim.
According to a stock filing, the new facility aims to meet the increasing demand for hydrogen from the company’s key strategic customers.
This move underscores POL’s commitment to expanding its capacity to supply hydrogen, a vital resource for various industries.
Clover Pakistan Ltd Plans Investment in Oil Marketing Sector
In a separate development, the board of directors of Clover Pakistan Ltd (CPL) approved plans to explore the feasibility of investing in or acquiring a company involved in oil marketing.
A stock filing on Monday revealed that the board has authorized the evaluation of funding sources and the appointment of advisors, valuators, and consultants to assess the feasibility of this potential investment or acquisition.
Background
Pakistan Oxygen Limited (POL), established in 1949 as a private limited company and converted into a public limited company in 1958, is a leading supplier of industrial and medical gases in Pakistan.
Initially known as BOC Pakistan, the company underwent several rebrandings, becoming Linde Pakistan in 2011 and later reverting to its original name, Pakistan Oxygen Limited, in 2018.
With a legacy spanning over 70 years, POL has played a pivotal role in the development of the industrial gases industry in Pakistan.
The company caters to more than 4,000 customers across diverse sectors, including chemicals, petrochemicals, steel, food, and healthcare.
Read More: Oman Invites Pakistani Investment in Petrochemical Sector
POL operates 12 plants nationwide, providing a range of products from medical gases that sustain lives to gases used in steel manufacturing and food production.
In recent years, POL has expanded its operations with significant investments, such as the establishment of a state-of-the-art hydrogen production facility at Port Qasim and a multi-million electrode manufacturing plant in Karachi.
The company is also exploring the feasibility of investing in or acquiring a company involved in oil marketing, as approved by its board of directors.
Also Read: Ghani Chemical Industries Greenlights Rs. 1.5 Billion Subsidiary Expansion Plan
Under the leadership of Chairman Waqar A. Malik, a seasoned executive with extensive experience in corporate finance and strategy, POL continues to innovate and lead in the industrial and medical gases sector in Pakistan.
