The board of ICI Pakistan has decided to increase authorised capital to Rs 10,000 million ($291.6 million) from Rs 3,000 million ($87.5 million) in order to facilitate the financing of Pakistan’s first purified teraphthalic acid (PTA) plant. ICI Pakistan is building the 400,000-tonne-a-year plant in Port Qasim at an estimated cost of $350 million. The UK’s Foster Wheeler, a wholly-owned subsidiary of Foster Wheeler Corporation of the US, is the consultant. Industry sources say that the company is also considering the possibility of a second PTA plant to be built in Pakistan (MEED 16:2:96).
ICI Pakistan has announced net profits of Rs 589 million ($17.2 million) for the year ending December 1995. The figure shows a 13.5 per cent rise on the previous year. ICI Pakistan is 61.5 per cent owned by the UK’s ICI with the remainder owned locally.
The company manufactures polyester, soda ash, paints, pharmaceuticals and agrochemicals.