Hambana Petrochemicals has announced plans to set up a $137.39m bottle grade polyethylene terepthalate (PET) packaging resin plant in the investment zone adjacent to Chinese-funded port in Sri Lanka.
The company, which is promoted by Singapore-based Peak Energy, has signed a business venture agreement with Sri Lanka Ports Authority in this regard.
Planned to be built over two years, the new PET plant is expected to produce 540,000 metric tons (mt) of PET resin or 1,500 tons a day.
According to the company, the plant will import 453,000mt of purified terephthalic acid, 183,600t of mono-ethylene glycol and 10,800t of purified isophthalic acid annually. It will export 45,000 twenty foot equivalent solid produce and 180,000mt of liquid cargo a year.
Once fully operational, the plant is expected to employ 200 people and have an annual turnover of a billion rupees.
PET resin is the raw material used in manufacturing PET bottles and containers and serves as a packaging solution for carbonated soft drinks, water, liquor and various food/non-food packaging applications.
