Govt Planning to Revive Paranthan Chemicals Factory in North at Cost Estimated Between US$ 300 to 400 Million Dollars

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Minister of Industry and Commerce Rishad Bathiudeen on Wednesday invited the local and the global private sector to invest between US$ 300- 400 Million to revive the northern factories of Paranthan Chemicals Company, successors to the Paranthan Chemicals Corporation

He also told officials that the government was looking to restore the northern factories of Paranthan Chemicals soon and that they could commence operations promptly when the Elephant Pass Saltern was recommenced

Minister Bathiudeen made this observation, while discussing with his top ministry and Paranthan Chemicals Company (PCC) officials at the soft inauguration event of the new Chlorine Warehouse Facility located at Wagawatte Industrial Zone, Horana with US$ 260,000 (Rs 35 Mn) initial investment.

The State owned profit maker PCC has 65 employees and reported a Rs 40 million profit in 2014. The Horana Storage Facility features the latest Chlorine Scrubber Installation Facility under the American Chemical Society standards. The Chlorine Scrubber can process one tonne of Chlorine every hour.

“Paranthan Chemical Company, can help us to lower industrial chemical costs” said Minister Bathiudeen, and added: ‘Northern factories of PCC became inactive in 1985 and as a result, we have been depending on the import of such chemicals burdening the local manufacturing sector with extra costs. The entire Liquid Chlorine needs of Sri Lanka are imported and scientifically handled by our PCC. 98% of the Liquid Chlorine is absorbed by the Water Supply and Drainage Board to provide safe drinking water to Sri Lankans. When we start making it here, our domestic water safety levels are enhanced. We are looking to restore the Northern factories of Paranthan Chemicals, next. PCC officials inform me the Northern factories could be revived with an initial investment of $300-400 Mn. We invite both local and global investors for this venture.”

With the recommencement of these factories we can produce our total Chlorine requirements domestically and save valuable foreign exchange of more than $ 860,000 per year that we spend to import Chlorine. We can also manufacture other chemicals as well. The Northern factories can commence promptly when the Elephant Pass saltern is recommenced.”

Courtesy:Ceylon Today