PM inaugurates new PVC plant of Engro Polymer

PM inaugurates new PVC plant of Engro Polymer

PM inaugurates new PVC plant of Engro Polymer

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KARACHI: The Prime Minister Imran Khan inaugurated the new 100,000 tonnes polyvinyl chloride (PVC) III Plant of Engro Polymer and Chemicals (EPCL), which will enable import substitution of PVC and boost exports as well, a statement said on Friday.

With the addition of new capacity, EPCL can now produce 295,000 tonnes of PVC per annum to fully cater to the surging local demand, owing to the government’s favourable construction sector policies, and achieve exports as well, it added.

The Prime Minister Imran Khan said that the government is pursuing policies to support expansion of local businesses, promote import substitution and exports.

The PM urged the business community to focus on import substitution and diversification of the export base to support sustainable economic growth of Pakistan. He appreciated the pivotal role played by Engro Corporation and its subsidiaries in different sectors of the economy.

President and Chief Executive Officer of Engro Corporation and Chairman of EPCL, Ghias Khan said: “As a home-grown conglomerate, Engro has always strongly believed in the economic potential of Pakistan and, therefore, we have committed to invest in businesses that help solve some of the most pressing issues of Pakistan.”

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“This expansion is a landmark achievement for Engro, and we are confident that it will reshape the petrochemicals landscape of Pakistan. We fully support the government’s ‘Make in Pakistan’ policy to promote export-oriented industrialization,” he added.

Through enhanced local production, EPCL will now be contributing around $240 million towards import substitution, while the company has exported PVC resin worth $25 million to Turkey and the Middle East markets in 2021.

Set up in 1997 as a joint venture with Mitsubishi and Asahi Glass, EPCL is the only fully integrated chlorvinyl chemical complex and producer of PVC in Pakistan.

Since 2015, EPCL has invested over $188 million in plant expansion and other upgrade projects for higher efficiency, reliability, and diversification of operations. The plant expansion has been completed with up to $50 million financing support from the International Finance Corporation (IFC) and leveraged global expertise in project execution with a Japanese licence and Chinese construction team.

The PVC demand in Pakistan has grown at a steady rate of 6 per cent each year, with around 70 per cent of the consumption going into the construction sector.

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