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Chemicals Pakistan

Trading conditions in the Chemicals Pakistan business remain difficult. Domestic downstream market conditions remained subdued throughout the quarter and polyester markets were depressed by rising polyester staple fiber prices and volatility in feedstock and cotton markets. The rising severity of gas shortages and the ongoing economic crisis in Pakistan has created uncertainty regarding the direction of the market. Gas outages have forced an increase in the use of more expensive furnace oil in our Soda plant. Downstream industries continued to face natural gas shortages throughout the quarter, which impacted demand. Despite these difficult circumstances, profitability was close to prior year.

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