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LG Chem drops plan to build USD4.2 bln Kazakh petrochem complex

January 27/2016

MOSCOW (MRC) -- South Korea's LG Chem said it had decided to drop a plan to jointly build a USD4.2-billion petrochemical complex in Kazakhstan, citing a prolonged slump in oil prices and a sharp increase in facility investments, said Indiatimes.

In 2011, the chemical company said it would construct the complex near the western Kazakh city of Atyrau as part of a 50-50 joint venture with two Kazakh companies.

The plan involved building ethylene and polyethylene plants with annual capacities of 840,000 tonnes and 800,000 tonnes, respectively. The project was announced in 2013.

LG Chem also said it had cancelled its plan to invest in the polysilicon business, citing difficult prospects for a market turnaround in the short term.

In 2011, the company said it would build a 5,000-tonne-per-year plant, at a cost of 491 billion won (USD408 million), to manufacture polysilicon, which is used to make solar panels.

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.


mrcplast.com
Author:Anna Larionova
Tags:PE, ethylene, LG Chem, Kazakhstan, South Korea.
Category:General News
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