Karachi—Lotte Pakistan PTA Ltd, the single largest foreign direct investment to date (US$ 490 million) in Pakistan’s petrochemical industry is currently focusing on expansion of its Plant with an investment of $400 million to serve the domestic market as well as producing 40 percent export surplus.
This was stated by Jung Neon, Kim, Executive Director Lotte Pakistan PTA limited at an informal get together attended by leading Korean investors. Besides Jung Neon, Kim, prominent among them were including Lee Myong-keun, Minister-Counsellor, Embassasy of Republic of Karea, Karachi office, Jin Han Chung, General Manager/Country representative Hyundai Corporation, Karachi and Suyoung Ryu, General Manager LG Electronics Inc (Pakistan).
Despite one of the strongest Asian tigers, the Koreans are always humble, modest and courteous in their conversation and conduct and so was the case of the entire gathering in which Mr. Kim disclosed that his company is looking for expansion of its operations in Pakistan focusing on domestic as well as export market however before going into expansion plan we wish to have some incentives including rationalized tariff rates, tax holiday.
Besides expansion of the project, Lotte also have plans which are still in initial stage to invest in Hydero Power generation, setting up a Mango Processing Plant in Pakistan.
It will be interesting to note that Lotte once a member of the ICI Worldwide group is eyeing to acquiring ICI Pakistan operations, Kim disclosed yet he added quickly that this idea is still in initial stage.
It may be mentioned that the LOTTE plant at Port Qasim, Karachi was built using ICI’s state-of-the-art technology when it was commissioned in 1998.. Pakistan PTA Ltd was a member of the ICI Worldwide Group, which was acquired in 2008 by Akzo Nobel. With effect from 17 September 2009, Lotte completed its acquisition of the majority shareholdings in Pakistan PTA Limited, making it a member of the Lotte Group.
It produces Purified Terephthalic Acid (PTA), an essential raw material for Pakistan’s textile and PET packaging industries and forms the backbone of the polyester chain, including Polyester Staple Fibre, Filament Yarn and PET (bottle grade) resin.
Lotte Pakistan PTA Ltd is a world-class supplier of purified terephthalic acid, an essential raw material used in the polyester industry. Lotte, the South Korean conglomerate, acquired the majority shareholdings in Pakistan PTA Limited (PPTA) in September 2009. Subsequently, the name of the Company was changed to Lotte Pakistan PTA Ltd.
In addition to its own manufacturing facilities, the Company has helped create a large infrastructure network at the Port Qasim vicinity, which includes a chemical jetty, raw water pipeline and manufacture of industrial gases through third party contracts. It has therefore been a trendsetter in industrial investment in Pakistan.
Within a short time, PPTA’s dedicated and highly motivated team of professional engineers proved that it could run this complex plant to world standards of safety, environmental care, product quality and process efficiency. Since 2002 the plant has operated above its nameplate capacity of 400,000 tons per annum and following minor de-bottlenecking and process improvements, is capable of ramping that up to 500,000 tons per annum. The plant remains one of the most advanced facilities in its class in the region.
The company maintains its competitive edge by virtue of being a local manufacturer and major supplier for the domestic Polyester and PET industries with short delivery times, consistent quality and excellent customer service.
Despite one of the strongest Asian tigers, the Koreans are always humble, modest and courteous in their conversation and conduct and so was the case of the entire gathering in which Mr. Kim disclosed that his company is looking for expansion of its operations in Pakistan focusing on domestic as well as export market however before going into expansion plan we wish to have some incentives including rationalized tariff rates, tax holiday.
Besides expansion of the project, Lotte also have plans which are still in initial stage to invest in Hydero Power generation, setting up a Mango Processing Plant in Pakistan.
It will be interesting to note that Lotte once a member of the ICI Worldwide group is eyeing to acquiring ICI Pakistan operations, Kim disclosed yet he added quickly that this idea is still in initial stage.
It may be mentioned that the LOTTE plant at Port Qasim, Karachi was built using ICI’s state-of-the-art technology when it was commissioned in 1998.. Pakistan PTA Ltd was a member of the ICI Worldwide Group, which was acquired in 2008 by Akzo Nobel. With effect from 17 September 2009, Lotte completed its acquisition of the majority shareholdings in Pakistan PTA Limited, making it a member of the Lotte Group.
It produces Purified Terephthalic Acid (PTA), an essential raw material for Pakistan’s textile and PET packaging industries and forms the backbone of the polyester chain, including Polyester Staple Fibre, Filament Yarn and PET (bottle grade) resin.
Lotte Pakistan PTA Ltd is a world-class supplier of purified terephthalic acid, an essential raw material used in the polyester industry. Lotte, the South Korean conglomerate, acquired the majority shareholdings in Pakistan PTA Limited (PPTA) in September 2009. Subsequently, the name of the Company was changed to Lotte Pakistan PTA Ltd.
In addition to its own manufacturing facilities, the Company has helped create a large infrastructure network at the Port Qasim vicinity, which includes a chemical jetty, raw water pipeline and manufacture of industrial gases through third party contracts. It has therefore been a trendsetter in industrial investment in Pakistan.
Within a short time, PPTA’s dedicated and highly motivated team of professional engineers proved that it could run this complex plant to world standards of safety, environmental care, product quality and process efficiency. Since 2002 the plant has operated above its nameplate capacity of 400,000 tons per annum and following minor de-bottlenecking and process improvements, is capable of ramping that up to 500,000 tons per annum. The plant remains one of the most advanced facilities in its class in the region.
The company maintains its competitive edge by virtue of being a local manufacturer and major supplier for the domestic Polyester and PET industries with short delivery times, consistent quality and excellent customer service.
Source: Pakistan Board of Investment
