LONDON, Oct 21: Pakistan High Commissioner to the UK Wajid Shamsul Hasan handed over a letter of intent (LoI) to the chairman of Trans Polymers Limited (TPL) for setting up a petrochemical complex costing $2 billion at Port Qasim.

The project, the first of its kind in Pakistan, is expected to create over 3,000 jobs. According to the high commissioner, TPL’s investment in the complex should help save over $500 million foreign exchange annually, as a result of import substitution and exports, reducing the trade deficit of Pakistan.

He also said the entire production of plants should be sufficient to meet the projected local requirements for polymers.

TPL’s investment, the high commissioner said, should be viewed as a strong indicator of foreign company’s confidence in the policies pursued by the new democratic government of Pakistan. TPL Chairman Peter Lloyd-Cooper apprised the high commissioner of progress of the project in Pakistan.