APIC ’12: Lotte puts on hold $500m Pakistan PTA expansion

18 May 2012 05:11  [Source: ICIS news]

KUALA LUMPUR (ICIS)--Lotte Pakistan PTA (Lotte PPTA) has put on hold its plans to build a $500m (€395m) world-scale purified terephthalic acid (PTA) plant after failing to secure the Pakistani government’s support in terms of higher import tariffs as protection for the domestic industry, a company executive said on Friday.

“At this time we are disengaged,” Lotte PPTA CEO Asif Saad told ICIS in an interview.

Lotte PPTA was initially looking at building a second PTA plant in Pakistan that will have a capacity of between 800,000 tonnes/year and 1m tonnes/year in Pakistan, but the investment is contingent on raising the 3% PTA import tariff to 7.5%.

The company operates Pakistan’s sole PTA plant, which has a 500,000 tonne/year capacity, located at Port Qasim.

($1 = €0.79)


By: Tahir Ikram
+65 6780 4359



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index