📋 Tender Overview
Project Number
49096
Company Name
SAFCO Venture Holdings Limited
Date ESRS Disclosed
Oct 17, 2024
Country
Pakistan
Region
Middle East
Last Updated Date
Oct 21, 2024
Environmental Category
B
Status
Pending Signing
Previous Events
Approved : Nov 18, 2024
Sector
All Other Basic Organic Chemical
Industry
Manufacturing
Department
Regional Industry MAS MCT
Project Description
SAFCO Venture Holdings Limited BVI ( SAFCO Venture or the Company ) is a company established to own and operate biodiesel and sustainable aviation fuel ( SAF ) production facilities in Pakistan. Through its subsidiary Bio Tech Energy Pte Ltd ( BTE ), SAFCO Venture owns and operates a 50,000 tons per annum (tpa) biodiesel manufacturing facility in Sheikhupura, Pakistan. BTE produces second-generation biodiesel (99%) according to EU standards, which is entirely exported to Europe. The Company has developed an extensive oil feedstock collection network in the country with numerous collection points to collect oil feedstocks, including used cooking oil (UCO), poultry feather acid oil, and soap stock acid oil (byproduct of vegetable oil refineries). Through its subsidiary SAFCO Opco (Pvt) Ltd, Pakistan ( Project Company ) the Company plans to expand its operations by developing a Sustainable Aviation Fuel (SAF) facility with a planned capacity of 200,000 TPA adjacent to its existing BTE plant (the Project ). The Company plans to expand its collection network to meet its increased demand of 180,000 TPA of feedstock for the SAF Project.
IFC is considering a financing package of up to US$30 million (m) consisting of (i) up to US$25 million in the form of preference shares and/or shareholder loans ( IFC preferred equity ), and (ii) up to US$5 million in A-loan, to the Company to fund the construction and operation of the Project.
The SAF facility will use hydro-processed esters and fatty acids (HEFA), an established technology that relies on waste and residue lipids such as cooking oil and animal fats as feedstock, which is available in Pakistan. BTE is negotiating a technology and supervision consultant agreement with AXENS (https://www.axens.net/), a leading French technology company providing clean fuels solutions, to develop the SAF facility. The construction is planned to be completed in 20 months. To construct the SAF facility, BTE has engaged a consortium of an Indonesian based PTIK (PT Istana Karang Laut: https://istakala.co.id/) and France based SeaOwl (https://seaowlgroup.com/) as turnkey Engineering, Procurement, and Construction (EPC) contractor. Construction of the SAF facility will require 200 local workers from national construction companies plus approximately 15 international workers from EPC contractors.
BTE owns 5.84 acres of industrial land, with an existing BTE plant developed on 2.66 acres. The rest of the 3.18 acres will be used to establish the SAF facility.
The SAF facility will produce renewable jet fuel to international sta
