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Lotte Chemical to restart No. 3 MEG plant in Yeosu in late September

September 17/2020

MOSCOW (MRC) -- South Korea's Lotte Chemical plans to restart its No. 3 160,000 mt/year monoethylene glycol (MEG) plant in Yeosu in end September, reported S&P Global with reference to a company source.

Meanwhile, the company's No. 1 and No. 2 MEG plants at the site, each with 120,000 mt/year capacity, are running at 90%-100% capacity in September, a company source added.

The No. 3 plant was halted for maintenance in end May.

As MRC informed earlier, Lotte Chemical's second-quarter net profit fell 88.7 percent from a year earlier due to low demand amid the coronavirus pandemic. For the April-June period, Lotte Chemical posted a net profit of 30.6 billion won (USD25.8 million), compared with a profit of 271.2 billion won a year earlier, the company said in a regulatory filing.

MEG is one of the main feedstocks for the production of polyethylene terephthalate (PET).

According to MRC's ScanPlast report, Russia's estimated PET consumption totalled 367,720 tonnes in the first six months of 2020, up by 19% year on year. Russian companies processed 62,910 tonnes in June.
Author:Margaret Volkova
Tags:monoethylene glycol (MEG), PET-granulate, packaging, Honam Petrochemical, Lotte Chemical, Russia, South Korea.
Category:General News
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