|Islamabad: A Letter of Intent (LoI) has been signed with a British company regarding the installation and setting up of polyethylene and its by-products plant at Port Qasim. |
Pakistan High Commissioner to the United Kingdom Wajid Shamsul Hasan and Trans Polymers Limited Chairman Peter Lloyd Cooper signed the document at a simple ceremony at the High Commission.
The plant when completed will also produce naphtha cracker and polypropylene which are widely used as a solvent for various organic substances such as fats and rubber and in the making of varnish. Cooper said his company looks forward to a long and mutually fruitful collaboration in the setting of this project, which will prove to be a landmark in the industrialisation of Pakistan.
The High Commissioner noted that this investment worth around $2 billion will go a long way in providing not only job opportunities to the people of the area but its by-products will benefit several industries. Polyethylene has many uses including manufacturing of plastic bottles, lids and caps, different types of containers, films-glad wrap and various plastic bags, cable coverings-various pipes and insulating wire and cables.