LOTCHEM: PTA production may suffer as govt refuses to import Paraxylene
MG News | March 16, 2020 at 01:18 PM GMT+05:00
March 16, 2020 (MLN): Govt has rejected to grant a one-time exemption to Lotte Chemical Pakistan Ltd (LOTCHEM) to import Paraxylene from India.
According to the research note by Sherman Securities, LOTCHEM had asked permission for import of 40,000 MT paraxylene with a supply agreement of 140,000 MT from Reliance (India), out of which 82,500 MT has already been imported.
It is pertinent to mention that LOTCHEM imports Paraxylene, a liquid chemical used as a feedstock in the manufacture of Purified Terephthalic Acid (PTA) which is not domestically produced. Therefore, it is expected that PTA production may fall by 60,000 MT, the research added.
As a matter of fact, PTA is a base raw material for textile and packaging industries and LOTCHEM is the supplier of PTA.
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