Lotte Chemical halts production

KARACHI: Lotte Chemical, a major petrochemical company in Pakistan, has announced a temporary closure of its plant on obstacles in the import of raw materials.

The company cited the current economic situation in the country, particularly the impact of foreign exchange reserves on opening of letters of credit for the import of raw materials, as the main reason for the closure.

In a statement to the Pakistan Stock Exchange on Tuesday, the company secretary of Lotte Chemical Pakistan Ltd stated that it was unable to continue its production activities and decided to suspend its plant operations from March 15, 2023, until further notice. The decision comes as other industries that rely on imported raw materials are also facing severe hindrances in their operations.