Pakistan Approves Two Foreign Firms, Including Oilfield Services Company

Pakistan Approves Two Foreign Firms, Including Oilfield Services Company, to Launch Operations

Pakistan has given the green light to two foreign companies — among them an oilfield services provider — to commence operations in the country.

The Board of Investment (BOI) has authorized Singapore-based Beaumanoir Asia Sourcing Pte. Ltd. and INTAJ LLC to set up operations in Pakistan, according to an official notification issued to relevant government departments.

INTAJ LLC has been authorized to open a branch office in Islamabad to fulfill contractual obligations with United Energy Pakistan Ltd. (UEPL), UEP Beta GmbH, and UEP Alpha Ltd.. The contracts involve the provision of coil tubing and nitrogen pumping services — techniques commonly used in oil and gas well maintenance and production enhancement.

The approval is valid for an initial period of one year, effective immediately, and is subject to compliance with Pakistan’s regulatory framework, including rules established by the State Bank of Pakistan (SBP).

Under the approval terms, INTAJ LLC may open a bank account with any commercial bank operating in Pakistan. Operational expenses must be financed with funds remitted from abroad via standard banking channels or received under its contractual agreements.

Profit repatriation will be permitted subject to documentation requirements outlined in the SBP’s Foreign Exchange Manual.

The BOI further stated that the employment of foreign nationals will require prior government approval. Additionally, any foreign currency remittances or issuance of foreign currency-denominated guarantees will require clearance from the central bank.

The import and re-export of machinery and equipment will be governed by Pakistan’s prevailing trade policy framework. However, the company is prohibited from engaging in commercial or trading activities within Pakistan under the current authorization.

INTAJ LLC must comply with the Companies Act, 2017, including filing the required documentation with the Securities and Exchange Commission of Pakistan (SECP) within 30 days of establishing its presence.

The BOI noted that the permission may be revoked if adverse reports are received from any government agency. Renewal of the approval must be requested at least 30 days before its expiration.