ENGRO POWERGEN QADIRPUR LIMITED annual report 2023
energizing Pakistan
about the theme
At its core, the expression 'Har Jagga Mere Chamakne Se Ujaala Hojaaye' from Allama Muhammad Iqbal's timeless poetry inspires us to embrace divine guidance and nurture our ambitions for a purpose-driven existence. It encapsulates the essence of self-empowerment and the yearning to enact positive change - fostering continuous growth, innovation, and the greater good.
For Engro Powergen Qadirpur Limited, it encompasses our profound corporate ethos centered around alleviating Pakistan's energy crisis and illuminating a path to prosperity. We recognize that the economic and social progress of the Country relies heavily on a sustainable and efficient power sector. Drawing inspiration from Iqbal's profound words, Engro Powergen Qadirpur Limited harnesses the potential of its green power plant by utilizing permeate gas to reduce carbon emissions and open new avenues for growth across Pakistan.
table of contents
corporate information
company information our history
vision and mission
our strategic commitments group structure
group portfolio our milestones
our footprint in pakistan our timeline
business performance
05 | chairman's review | 63 |
07 | ceo's message | 65 |
09 | organizational highlights | 67 |
11 | external overview | 68 |
13 | risks and opportunities | 70 |
15 | key operational highlights 2023 | 76 |
17 | our value chain process | 77 |
19 | our intergrated value creation model | 78 |
21 | swot analysis | 79 |
environmental stewardship agenda
environmental stewardship agenda | 121 |
certification | 123 |
occupational health and | |
safety performance | 123 |
incident statistics | 124 |
summary of waste management | 124 |
ambiant air quality compliance | 125 |
water consumption 2023 | 125 |
our core values organizational structure
corporate governance
board of directors approach to governance board committee
our governance framework internal control framework
statement of compliance with the code of corporate governance
report of the audit committee
23 | our integrated business approach | 81 |
25 | resource allocation plans | 83 |
directors' report | 85 | |
quarterly analysis | 93 | |
29 | horizontal and vertical analysis | 95 |
summary | 101 | |
39 | cashflow statement - direct method | 103 |
41 | ratios of last six years | 104 |
43 | snapshots | 105 |
53 | variance analysis | 113 |
54 | dupont analysis | 114 |
57 | share price sensitivity analysis | 115 |
statement of value addition and | ||
distribution | 116 | |
enagaging stakeholders | 117 |
shareholder information
notice of the annual general meeting key shareholding and shares traded pattern of shareholding shareholder information
epql calendar 2024 major activities in 2023
financial statements
review report to the members
on statement of compliance auditors report to the members
financial statements
129
135
138
141
143 annexure
144 | glossary | 197 |
standard request form | 199 | |
proxy form | 200 | |
proxy form (urdu) | 201 | |
149 | compliance with icap's bcr | 202 |
150 | directors' review (urdu) | 220 |
notice of the annual general meeting (urdu) 224 | ||
155 | chairman's report (urdu) | 226 |
partner of choice
corporate information
company information
board of directors
Yusuf Jamil Siddiqui | Semeen Akhter |
Chairman | Chief Executive Officer |
Nausheen Ahmad | Maryam Aziz | Kaiser Bengali | Mohammad Yasir Khan Shabbir Hussain Hashmi | Vaqar Zakaria
Chief Financial Officer | Head of Internal Audit | Company Secretary |
Usman Hassan | Ekta Sitani | Khawaja Haider Abbas |
bankers / development finance institute
Al Baraka Bank (Pakistan) Ltd.
Allied Bank Ltd.
Bank Alfalah Ltd.
Faysal Bank Ltd.
National Bank of Pakistan
MCB Bank Ltd.
Pak Kuwait Investment Company (Pvt) Ltd.
Pak Brunei Investment Company Ltd.
Soneri Bank Ltd.
Bank of Punjab
Habib Metropolitan Bank Ltd.
Standard Chartered Bank (Pakistan) Ltd.
plant
Engro Powergen Qadirpur Plant Site
Deh Belo Sanghari, Taluka, District Ghotki
shares registrar
M/s. FAMCO Share Registration Services (Pvt) Ltd. 8-F, Next to Hotel Faran, Nursery, Block-6 PECHS, Shahrah-e-Faisal, Karachi Tel:+92-21-34380101-5 | Fax:+92-21-34380106
registered office
16th Floor, The Harbour Front Building, HC # 3, Marine Drive, Block 4, Clifton, Karachi-75600, Pakistan
UAN: +92 (21) 111 211 211
PABX: +92 (21) 35297501-10
auditors
A.F. Ferguson & Co Chartered Accountants State Life Building No. 1-C, I.I. Chundrigar Road Karachi-74000, Pakistan
Tel: +92(21) 32426682-6 /32426711-5 Fax +92(21) 32415007 / 32427938
website
www.engroenergy.com/engro-powergen-qadirpur-limited/
ceo message (video link)
https://www.engroenergy.com/media-gallery/
05 | energizing Pakistan | engro powergen qadirpur | annual report 2023 | energizing Pakistan | 06 |
our history
On 27th March 2010, the spark of an idea conceived in one team's imagination became reality and Engro Powergen Qadirpur (EPQL) declared commencement of commercial operations.
At the turn of the century, Pakistan was anticipated to face severe and debilitating power shortages in the near future. We decided to take up the challenge and contribute to reducing the energy shortfall in the Country. The search for a viable long-term power project led to something extraordinary as vision and ingenuity came together to find the answer to the challenge.
For several years employees of Engro while traveling on the National Highway from Sukkur to Daharki, passed the Qadirpur gas field. Located 600 km from Karachi, the Qadirpur gas field is amongst Pakistan's largest gas reserves. From the highway they could see a huge flare of permeate gas. This flare, which is the by-product of the gas purification process, consisted mainly of Methane (60%), Carbon Dioxide (31%), Nitrogen (8%), Hydrogen Sulfide (320ppm), and about 1% of other hydrocarbons. The sulfur content made it unfit for household consumption. Our team was finally struck with the idea that energy could be harnessed from this waste gas. Use of permeate gas for electricity generation would also reduce carbon dioxide emissions produced when the gas is flared, hence its utilization resulted in a 'green solution' falling in line with Engro's philosophy. And so that short journey from Sukkur to Daharki became the stepping stone for our journey into the power sector.
A team was immediately formed to work on the feasibility of a permeate gas power plant. The project team's diligence & perseverance was finally rewarded when construction on a 217 MW combined cycle power plant was started in 2008. On 27th March 2010, the spark of an idea conceived in one team's imagination became reality and Engro Powergen Qadirpur declared commencement of commercial operations. Our Plant was the first power plant to be commissioned under the 2002 power policy and was completed in record time after the letter of intent (LOI) application. Our expertise coupled with relentless determination resulted in the Plant achieving commercial operations three months before the agreed schedule date.
The electricity generated through the Plant is transmitted to the National Transmission and Dispatch Company (NTDC) under the Power Purchase Agreement (PPA) dated October 26, 2007 which is valid for a period of 25 years from the Commercial Operations Date.
The project is unique as it converts low-BTU, high sulfur content permeate gas, which was earlier being wasted and flared, into much needed electric power. The Plant is a combined cycle plant, with 1+1+1 configuration; i.e. one gas turbine, one heat recovery steam generator (HRSG), and one steam turbine. The Plant uses permeate gas as its primary fuel source and HSD as backup fuel. The unique fuel usage, which was previously being flared, makes Engro Powergen Qadirpur Limited one of the lowest opportunity cost thermal power plants in the country.
The Plant has a huge social impact as it helps provide non-stop electricity supply to areas that face severe load shedding; and employment to the locals.
07 | energizing Pakistan | engro powergen qadirpur | annual report 2023 | energizing Pakistan | 08 |
vision
To ensure affordable energy and reliable operations thereby creating value for all stakeholders.
mission
Plant operations and maintenance in a manner resulting in continuous supply to national grid by harnessing human talent and local resources giving high priority to health, safety and environment in a positive, sustainable and affordable way.
09 | energizing Pakistan | engro powergen qadirpur | annual report 2023 | energizing Pakistan | 10 |
our strategic commitments
Maintain highest workplace safety standards
Continue with our commitment towards education, health, infrastructure, and livelihood areas in which we operate
Continue to benchmark performance against acclaimed environmental practice as per World Bank and National Environmental Quality Standards
Ensure reliability and sustainability of operations and business processes
Explore options on alternate sources of fuel supply for future needs
Develop and retain high performance teams/talent with a focus on deploying a diverse, inclusive and equitable work space
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group structure
Engro
Corporation
Limited
Engro Foundation (Trust)
Engro | Engro | Friesland |
Polymer & | Campina | |
Fertilizers | ||
Chemicals | Engro | |
Ltd. | ||
Limited | Pakistan Ltd. | |
56.2% | ||
56.19% | 39.93% | |
Efert | Think Pvc | Engro |
Agritrade | Plastisizer | |
(Pvt.) | ||
(Pvt.) | (Pvt.) | |
Limited | ||
Limited | Limited | |
100% | ||
100% | 100% | |
Listed Entities
Unlisted Local Subsidiaries
Unlisted Local JVs, Associates & Investments
Trust / Foundation / Non-Profit Companies
International Unlisted Subsidiaries
International Unlisted Associates & Investments
Engro | Engro |
Energy | Eximp |
Limited | Fze |
100% | 100% |
Engro | |
Peroxide | Engro |
(Pvt.) | Lng Fze |
Limited | 100% |
100% |
Engro | |
Gel Utility | Powergen |
Ltd. (Nigeria) | Qadirpur |
45% | Limited |
68.9% |
Gel Utility Spv Tlc (Nigeria)
100%
Engro | Engro | Engro | Elengy |
Eximp | Vopak | Terminal | |
Connnect | |||
Agriproducts | Terminal | Pakistan | |
(Pvt.) Limited | |||
(Pvt.) Limited | Limited | Ltd | |
100% | |||
100% | 50% | 56% | |
Engro | Engro Elengy |
Enfrashare | |
Terminal (Pvt.) | |
(Pvt.) | |
Limited | |
Limited | |
100% | |
100% | |
Engro | Sindh |
Powergen | Engro |
Thar (Pvt.) | Coal Mining |
Company | |
Limited | |
Limited | |
50.1% | |
11.9% |
13 | energizing Pakistan | engro powergen qadirpur | annual report 2023 | energizing Pakistan | 14 |
group portfolio
fertilizers
Top 50 fertilizer manufacturer in the world; 5 decades of operations as year's a world class business
dairy
12 million consumer base; market leader in Pakistan's UHT segment and number 2 dairy dessert brand
telecom infrastructure
Operating an independent tower company with a view to engage all the Mobile Network Operators to cater to their network deployment needs
energy & mining
Operating Pakistan's first 217MW power plant on permeate gas. Operating first-ever 2x330 MW mine-mouth coal power plant; managing Pakistan's first open-pit lignite mine producing up to 7.6 MPTA of thar coal
petrochemicals
The only fully integrated chlor-vinyl chemical complex in Pakistan producing PVC and other chlorine byproducts
chemical storage & handling
Pakistan's first LNG receiving terminal, and an integrated bulk liquid chemicals and LPG terminal
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Engro Powergen Qadirpur Limited published this content on 07 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2024 03:19:07 UTC.
