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KP Chemicals acquires PTA unit in Pakistan

21
Sep '09
KP Chemical Corporation a South Korea based company and which is a subsidiary of conglomerate Lotte, has acquired majority shareholding in the Pakistan based Pakistan PTA Ltd (PPTA).

Fibre2fashion spoke to Mr SK Park, in the communications department of KP Chemical Corp, who confirmed the news. This buyout is expected to benefit PPTA from KP Chemical's strategy of seeking new markets.

The investment made by KP Chemical totaling to around US $500 million is the single largest investment in the petrochemical sector of Pakistan.

Pure Terephthalic Acid or PTA as it is referred to, is the main raw material used in the production of polyester filament yarn, polyester staple fibre and PET bottles.

PPTA was set up in 1998 with the latest technology and has within its infrastructure facilities a chemical jetty at Port Quasim, Karachi, a raw water pipeline and an industrial gas plant through third party contracts.

Lotte Group is known worldwide for its confectionery products and also has the distinction of being the largest South Korean overseas group in worldwide markets.


Fibre2fashion News Desk - India


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