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LG Chem to invest USD2.4-Bn to expand its NCC and PO facility in South Korea

August 03/2018

MOSCOW (MRC) -- Seoul's LG Chem is planning to spend USD2.4-billion to expand its naphtha cracking center (NCC) and polyolefin (PO) plant in Yeosu, South Korea,, as per Apic-online.

The project, which will expand the NCC and PO facility by 800,000 t/y each, is expected to be completed in the second half of 2021.

Also, as part of the investment, the company said it will build a mass production complex in Dangjin, Chungnam Province, for "future promising materials," such as super insulation, light weight and high strength materials.

The expanded NCC will increase LG Chem's ethylene production capacity to 3.3-million t/y, making it the "largest" ethylene producer in Korea, the company noted.

As MRC informed earlier, in January 2016, 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. 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 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:Margaret Volkova
Tags:PP, PE, propylene, ethylene, LG Chem, Kazakhstan, South Korea.
Category:General News
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