Bangladesh to set up first petrochemical plant

01-Apr-09

Bangladesh is planning its very first petrochemical plant which will produce 300 tons of polyester chips per day mainly to fuel the nation's average 10% growth in demand, the local media reported. Malek Spinning Mills Limited, has outlined plans to invest approximately US$804 mln (partly from the capital market and rest from IPO) to install the plant in Narayanganj. The polyester chips from the plant will be sourced for production of synthetic fibers and PET bottles will procure feedstock MEA and PTA from Middle East countries and Singapore.