(Plastemart) -- Lotte Pakistan PTA Ltd is currently focusing on expansion of its plant with an investment of USD 400 mln to serve the domestic market, as well as the export market. 40% of the company's output will go towards exports, as per Pakistan Observer. Lotte Pakistan's USD 490 mln is the single largest foreign direct investment to date in Pakistan's petrochemical industry. The company is seeking incentives including rationalized tariff rates, tax holiday before going into expansion. Besides expansion of the project, Lotte is also mulling plans to invest in Hydero Power generation, setting up a Mango Processing Plant in Pakistan.
Currently, the company produces Purified Terephthalic Acid (PTA), an essential raw material for Pakistan's textile and PET packaging industries and forms the backbone of the polyester chain, including Polyester Staple Fibre, Filament Yarn and PET (bottle grade) resin. In addition to its own manufacturing facilities, the Company has helped create a large infrastructure network at the Port Qasim vicinity, which includes a chemical jetty, raw water pipeline and manufacture of industrial gases through third party contracts. It has therefore been a trendsetter in industrial investment in Pakistan.