The UK’s Foster Wheeler, a wholly-owned subsidiary of Foster Wheeler Corporation of the US, has been awarded the design, engineering, procurement and construction consultancy for the second phase of a $350 million purified teraphthalic acid (PTA) plant. The plant is to be built in Port Qasim by ICI Pakistan. Foster Wheeler has recently completed the consultancy for the first phase.
The plant, Pakistan’s first, will produce 400,000 tonnes a year of PTA to serve as feedstock for the local manufacture of polyester fibre. It is anticipated that surplus amounts will be available for export. The plant could save $100 million a year in foreign exchange currently spent on PTA imports, industry sources say (MEED 20:10:95).
ICI of the UK has a 61.5 per cent equity stake in ICI Pakistan. The remainder of the company is owned locally. Completion of the plant is scheduled for the end of 1997.