(plastemart) -- Trans Polymers Ltd. - a British and Pakistani joint venture is in the process of finalizing plans to build a 350,000 tpa polyethylene (PE) plant near Port Qasim in Karachi, Pakistan, at cost of US$701 mln. The project promoters are Trans Polymers (UK) Limited, a private UK investment company comprising British, Pakistani, GCC, EU and Malaysian investors, and its Pakistani subsidiary, Trans Polymers (Pakistan) Ltd.
The promoters also have an offtake agreement in place with Ravago of Belgium to import a portion of the production. Currently, Pakistan imports all its PE and PP requirements. The proposed project has received approval from the government of Pakistan, which has granted various foreign investment incentives as well as favorable tariff concessions. Construction, commissioning and warranty testing of the plant is estimated to take 34 months and commercial production is expected by the fourth quarter of 2013.