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Lotte Chemical Pakistan
Lotte Chemical Pakistan Limited is a Pakistani chemicals manufacturer based in Karachi. It is a subsidiary of South Korean multinational Lotte Chemical. HistoryLotte Chemical Pakistan was initially established by ICI Pakistan.[2][3][4] The construction of the plant began in 1996 on a 100-acre site in Port Qasim.[5][6] The plant was commissioned in May 1998 and originally had a production capacity of 400,000 tons per year.[5][7] It was built at a cost of $479.9 million with $170 million in equity invested by ICI Pakistan while $22.5 million was funded through term finance certificate issued in 1995 and remaining $281.5 million were raised through long-term loans including $171.2 million provided by commercial banks in 1996.[8][9] In addition to the main plant, ICI constructed a 34-mile water pipeline at a cost of $30 million, supplying 8.5 million gallons of water daily to the plant.[5][6] ICI also developed a 220-kilovolt industrial power connection and built a grid station, investing $16 million to provide power to its plant.[5] In 2000, it was demerged from ICI Pakistan to form Pakistan PTA Limited.[3][10] In 2008, following AkzoNobel's acquisition of Imperial Chemical Industries, it became part of AkzoNobel.[3][10] A year later, in 2009, KP Chemical, a subsidiary of Lotte Corporation, acquired Pakistan PTA and renamed it as Lotte Pakistan PTA Limited.[11][12][10] In 2012, Lotte commissioned a co-generation plant with a capacity of 40MW.[12][10] A year later, in 2013, Lotte Pakistan PTA Limited was renamed as Lotte Chemical Pakistan Limited.[10] References
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