PAKISTAN: Engro Polymer to invest USD 9 million to upgrade Karachi plant
Engro Polymer & Chemicals Limited (EPCL) has announced an investment of USD 9 million to install fuel and cost-efficient technology at its Karachi PVC plant. The company board of directors, in its meeting, approved a capital expenditure of USD 9 million to shift towards pure oxygen-based vinyl chloride monomer (VCM) technology, which is expected to reduce raw material consumption by approximately 2 %, stated Company Secretary Hussain Hasanali in a notification to the Pakistan Stock Exchange (PSX) on Monday (26 November 2018).
“Since its establishment in 2008, EPCL has remained engulfed in challenges because the enterprise required high expertise,” said JS Global Capital Head of Corporate Sales Syed Atif Zafar, He said, “The company had to struggle immensely to enter a profitability stage, which it did not achieve until 2013 -14.” Engro Polymer faced a number of problems like plants going out of order and a plant once caught fire too, Zafar said, adding, “The company has come through a long way.” First, the company announced expansion plans and now it is moving towards cost-efficient measures, which is a sign of robust stability. In December 2017, EPCL laid forward its plan to expand its production of PVC
Source: Daily “The Express Tribune”, Karachi; 27 Nov 2018
(Syed Rashid Ali, Karachi, Pakistan)