Lotte Chemical Pakistan was initially established by ICI Pakistan.[2][3][4] The construction of the plant began in 1996 on a 100-acre site in Port Qasim.[5][6] The plant was commissioned in May 1998 and originally had a production capacity of 400,000 tons per year.[5][7] It was built at a cost of $479.9 million with $170 million in equity invested by ICI Pakistan while $22.5 million was funded through term finance certificate issued in 1995 and remaining $281.5 million were raised through long-term loans including $171.2 million provided by commercial banks in 1996.[8][9] In addition to the main plant, ICI constructed a 34-mile water pipeline at a cost of $30 million, supplying 8.5 million gallons of water daily to the plant.[5][6] ICI also developed a 220-kilovolt industrial power connection and built a grid station, investing $16 million to provide power to its plant.[5]
In 2000, it was demerged from ICI Pakistan to form Pakistan PTA Limited.[3][10]
In 2012, Lotte commissioned a co-generation plant with a capacity of 40MW.[12][10] A year later, in 2013, Lotte Pakistan PTA Limited was renamed as Lotte Chemical Pakistan Limited.[10]
