Sitara Peroxide Limited (SPL), a chemical manufacturer in Pakistan, has announced that it will extend the shutdown of its plant for another 30 days. The company, which produces and sells hydrogen peroxide, made this announcement in a notice to the Pakistan Stock Exchange. SPL hopes that the situation will improve and it can resume production after the 30-day extension.
Last month, SPL had already shut down its operations for three weeks due to a lack of raw materials/chemicals. The company has been non-operational for several months and is currently exploring other ways to generate funds.
In its quarterly financial statement, SPL mentioned the challenges it faces, including a significant increase in the tariff of Regasified Liquid Natural Gas (RLNG). Business in Pakistan is struggling with high energy costs and difficulties in securing import permits due to a shortage of US dollars. While some restrictions have eased, industrialists are still facing difficulties in obtaining permits for their manufacturing needs.
To address these economic issues, Pakistan has sought assistance from the International Monetary Fund (IMF). However, experts believe that until the underlying structural issues are resolved, the country will continue to face economic challenges and cycles of boom and bust.
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