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LG Chem plans an ethylene project in Kazakhstan

February 14/2013

MOSCOW (MRC) -- South Korean petrochemical company LG Chem is planning to build an ethylene production plant in Atyrau, Kazakhstan, according to GV.

The project is going to be constacted in collaboration with two other Kazakh firms. The production is expected to begin in late 2016.

Project financing and the selection of a company responsible for engineering, procurement and construction are currently in the works, according to Park Jin-soo, chief executive officer of LG Chem.

LG projects that the plant will manufacture up to 800,000 tonnes of ethylene a year by injecting a USD4.2 billion investment into the complex.

As MRC informed earlier, South Korean petrochemical conglomerate LG Group will invest W3500 billion (USD3.3 billion) in its petrochemical business in the current year. The part of the allocated funds will be invested into expansion of ethylene vinyl acetate (EVA) and styrene-butadiene rubber production capacities of LG Chem's affiliate.

LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. According to ICIS report, it is 15th biggest chemical company in the world in 2011. It has eight domestic factories and global network of 29 business locations in 15 countries. LG Chem is a manufacturer, supplier, and exporter of petrochemical goods, IT&E Materials and Energy Solutions.
Author:Margaret Volkova
Tags:EVA, ethylene, LG Chem, Kazakhstan, U. Koreya.
Category:General News
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