LONDON: A Letter of Intent (LOI) has been signed with a British company regarding the installation and setting up of polyethylene and its by-products plant at Port Qasim. Pakistani High Commissioner in the United Kingdom Wajid Shamsul Hasan and Trans Polymers Limited Chairman Peter Lloyd Cooper signed the document at a simple ceremony at the High Commission. The plant, after completion, will also produce naphtha cracker and polypropylene, which are widely used as a solvent for various organic substances such as fats and rubber and in making of varnish. Cooper said his company looks forward to a long and mutually fruitful collaboration in the setting up of this project that would prove to be a landmark in the industrialisation of Pakistan. The Pakistan high commissioner noted that the investment amounting to worth around $ 2 billion would go a long way in providing not only job opportunities to people of the area but its by-products would also benefit several industries. Polyethylene has many uses including manufacturing of plastic bottles, lids and caps, different types of containers, films-glad wrap and various plastic bags, cable coverings-various pipes and insulating wire and cables.