Lotte Chemical extends shutdown

KARACHI: Lotte Chemical Pakistan Limited, a producer of pure terephthalic acid (PTA), said on Monday it would extend the suspension of its plant operations until Nov. 12 due to lower downstream demand.

The company, a subsidiary of South Korea's Lotte Chemical Corporation, had earlier announced a temporary shutdown of its plant from Oct. 18 to Oct. 29 to manage its inventory and production efficiently.

"Due to lower downstream demand as notified vide our letter dated 17 October 2023, the management of the company has decided to extend suspension of plant operations till November 12," the company said in a notice to the Pakistan Stock Exchange (PSX).