Engro Polymer & Chemicals was founded in 1997 as part of Engro Chemical Pakistan.[7]
In November 1997, the company entered into a joint venture agreement with Mitsubishi Corporation and Asahi Glass Company to build a polyvinyl chloride (PVC) manufacturing plant.[7] The $80 million project was financed with $37 million in equity and $39 million in long-term debt.[8] Engro contributed 50 percent of the equity ($18.5 million), Asahi 30 percent ($11.1 million), and Mitsubishi 20 percent ($7.4 million).[8] Foreign currency debt of $28.5 million came from the International Finance Corporation and CDC, while local currency debt of $10.5 million and working capital of $4 million were provided by various Pakistani and international banks.[8] The facility was constructed at Port Qasim, in close proximity to the city of Karachi.[7] The plant was engineered to produce 100,000 tonnes of suspension grade PVC resin per year.[7] The production of PVC at the facility began in 1999.[7]
In 2006, Engro Polymer commissioned a chlor vinyl complex, allowing for in-house production of intermediaries such as vinyl chloride monomer with a capacity of 204,000 tpa and chlorine with a capacity of 94,200 tpa.[9] The expansion project cost approximately $250 million, which included $30 million loan and $20 million equity investment from the International Finance Corporation.[9] It increased its PVC production capacity to 150,000 tons.[10] In the same year, the company was renamed to Engro Polymer & Chemicals Limited after Engro Corporation acquired Asahi Glass stake.[10]
In August 2018, Engro Polymer announced that the company would set up a new plant to expand the production of PVC and caustic soda. Along with an efficiency project such as de-super heating quenches at EDC/VCM plant.[6]
