ICI Pakistan's board of directors has approved the sale of 50 per cent of the $170 million equity portion of its purified terephthalic acid (PTA) plant to the US-based DuPont Company, according to a 15 April company statement.

The deal involves all assets and liabilities connected to the PTA project being incorporated in a new venture to be called Pakistan PTA.

The PTA plant is being built at a total cost of Rs 21 billion ($479.9 million), of which the equity portion is Rs 7,500 million ($170 million); Rs 1,000 million ($22.5 million) was raised through Term Finance Certificates (TFCs) issued in 1995, while Rs 12,500 million ($281.5 million) was raised through a loan. DuPont in July 1997 took a 50 per cent stake in ICI Pakistan as part of a global deal to buy half of the bulk chemical business of the UK's ICI for $3,000 million.

ICI Pakistan is currently 61 per cent owned by ICI. It manufactures polyester staple fibre, soda ash, paints, pharmaceuticals, agrochemicals, explosives, some consumer items and other speciality chemicals (MEED 25:7:97).