Lotte Chemical Pakistan

Lotte Chemical Pakistan

Formerly	Pakistan PTA Limited (2000–2009) Lotte Pakistan PTA Limited (2009–2012)
Company type	Public
Traded as	PSX:  LOTCHEM KSE 100 component
Industry	Chemical
Founded	1998;27 years ago (1998)
Headquarters	Karachi, Pakistan
Key people	Young Dae Kim (CEO) Sung Soo Bae (chairman)
Revenue	Rs. 81.619 billion (US$280 million) (2023)
Operating income	Rs. 8.480 billion (US$29 million) (2023)
Net income	Rs. 5.077 billion (US$18 million) (2023)
Total assets	Rs. 43.575 billion (US$150 million) (2023)
Total equity	Rs. 22.011 billion (US$76 million) (2023)
Owner	Lotte Chemical (75.01%)
Number of employees	226 (2023)
Parent	Lotte Chemical
Website	lottechem.pk
Footnotes /references Financials as of 31 December 2023 [update] [1]

Lotte Chemical Pakistan Limited, formerly known as Pakistan PTA, is a Pakistani chemicals manufacturer based in Karachi. It is a subsidiary of South Korean multinational Lotte Chemical.

History

Lotte 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

1. "Lotte Chemical Pakistan Limited Annual Report 2023" . Retrieved 16 January 2025.
2. "PAKISTAN: ICI backs $450 million PTA plant | MEED". October 20, 1995.
3. Farooq, Mariam Umar (December 3, 2023). "Why Lotte Chemicals shut down its plant for the second time this year". Profit by Pakistan Today.
4. "MEED | PAKISTAN: ICI proceeds with rights issue to fund development".
5. Rao, N. Vasuki (May 5, 1998). "ICI PLANT OPENS IN PAKISTAN". Journal of Commerce .
6. "PAKISTAN: ICI signs PTA contracts | MEED". March 5, 1996.
7. Report, Profit (December 2, 2019). "Despite rising demand, Lotte holds off on capacity expansion". Profit by Pakistan Today.
8. "MEED | PAKISTAN: DuPont takes equity in Pakistan's PTA plant".
9. "PAKISTAN: ICI signs loan agreement for PTA plant | MEED". April 26, 1996.
10. "Lotte Chemical Pakistan Limited". Brecorder. July 18, 2017.
11. "Lotte Pakistan plans to increase plant capacity". The Express Tribune. March 26, 2011.
12. "Lotte invests $800m in Pakistan". DAWN.COM. January 21, 2010.