Engro Polymer engaged Chinese contractor to expand PVC plant

In an official statement to the Pakistan Stock Exchange, Engro Polymer and Chemical announced that the company has approved the plan to expand its existing PVC plant in Port Qasim, near the coastal city of Karachi. It also signed an agreement with an independent Chinese contractor – Tianchen Corp China (TCC) to handle the project.

Upon completion, Engro Polymer would enjoy a boost in PVC output by 100,000 tons/year and VCM by 50,000 tons/year. This means the company would have an annual output of 300,000 tons/year of PVC and 250,000 tons/year of VCM.

The project cost the company about PKR7.6 billion (USD61.5 million) of which 71 per cent will be funded by the issuance of ordinary right shares and the remaining through debt financing.