Pakistan has cleared two foreign firms, including an oilfield services company, to commence operations in the country, according to an official notification.
The Board of Investment (BOI) has approved Singapore-based Beaumanoir Asia Sourcing Pte. Ltd. and INTAJ LLC to set up operations in Pakistan. The decision has been communicated to the relevant government departments.
Under the approval, INTAJ LLC will establish a branch office in Islamabad to meet its contractual commitments with United Energy Pakistan Ltd. (UEPL), UEP Beta GmbH, and UEP Alpha Ltd. The company will provide coil tubing and nitrogen pumping services, which are commonly used for oil and gas well maintenance and production enhancement.
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The permission has been granted for an initial period of one year and takes immediate effect. It is subject to compliance with Pakistan’s regulatory requirements, including guidelines issued by the State Bank of Pakistan (SBP).
As part of the approval conditions, the company may open a bank account with any commercial bank operating in Pakistan. Its operational expenses must be covered either through foreign remittances sent via official banking channels or payments received under its service contracts.
Repatriation of profits will be permitted in line with documentation requirements outlined in the SBP’s Foreign Exchange Manual.
The BOI has clarified that hiring foreign nationals will require prior government approval. Any foreign currency remittances or issuance of guarantees in foreign currency will also be subject to SBP clearance.
The import and re-export of machinery and equipment will be governed by Pakistan’s existing trade policy framework. However, the companies are not allowed to undertake commercial or trading activities within Pakistan under the current approval.
Additionally, INTAJ LLC must comply with the Companies Act, 2017, including submitting the required documentation to the Securities and Exchange Commission of Pakistan within 30 days.
The BOI noted that the approval can be withdrawn if any adverse report is received from a government agency. The company must apply for renewal at least 30 days before the permission expires.
