KARACHI, Nov 7: The Allied Bank Limited and Descon Oxychem (Pvt) Ltd. (DOL) have singed an agreement to mark the financial close of Rs1,100 million structured limited recourse project finance facility arranged by the bank for DOL, a company of Descon, says a press release.

The DOL is setting up a manufacturing plant of Hydrogen Peroxide (H2O2) with a capacity of 28,000 MTY (50 per cent concentration) on Lahore-Sheikhupura Road. H2O2 is a bleaching and oxidising agent and is used in textile, paper and food industries.

The signing ceremony was attended by Abdul Razak Dawood, chairman Descon and Mohammad Aftab Manzoor, president Allied Bank.