In a communication to the Karachi Stock Exchange, the board of directors of ICI Pakistan said it will further expand capacity at its soda ash plant in Khewra.
The approved expansion will increase the…
In a communication to the Karachi Stock Exchange, the board of directors of ICI Pakistan said it will further expand capacity at its soda ash plant in Khewra. The approved expansion will increase the current production by another 65,000 tonnes, taking the total plant capacity to 350,000 tonnes per annum. The expansion project is expected to be completed by mid-2009 at a cost of PKR 1.4 billion. The company will fund the expansion entirely from cash. The expansion is in line with ICI Pakistan“s continued commitment to the development of import substitution industries to serve local demand, and comes as an assertion of ICI Pakistan“s belief in the growing market for soda ash in the country, which continues to provide further opportunities for investment in capacity expansion. The expansion follows the successful completion of the 50,000 tonnes per annum upgrade project at the plant, which was inaugurated by Prime Minister Shaukat Aziz on 6 March 2007. On that occasion, the Prime Minister commended ICI“s progressive role in different sectors in Pakistan and urged the company to explore more avenues for investment in the country, taking benefit of the conducive investment environment. Dr. John McAdam, Chief Executive of ICI Plc, also made an official visit to Pakistan from 6-9 March 2007 for the inauguration of the last expansion project. During his visit, Dr. McAdam had meetings with the President and Prime Minister, and other government dignitaries, assuring them of ICI“s commitment to Pakistan. Dr. McAdam emphasised “ICI Pakistan“s continued commitment towards the economic development of Pakistan, making Pakistan one of the most viable countries for investment”. ICI“s soda ash plant has been consistently upgraded, with projects worth PKR 555 million and over PKR 1 billion completed in 2002 and 2007, respectively, and plant capacity has risen from an original 18,000 tonnes per annum, to the current 285,000 tonnes per annum. ICI Pakistan Limited is a subsidiary of the UK“s ICI Plc and was set up as a public limited company in Pakistan in 1952.