MOSCOW (MRC) -- Ulsan Polypropylene (UPP), a joint venture between PolyMirae Company Ltd and SK Advanced, has started marketing polypropylene (PP) cargoes from its new plant in Ulsan, South Korea, according to CommoPlast.
Since mid-May, the company has been offering homo-PP yarn and injection parcels to Vietnam at USD1240/ton CIF term - the lowest for non-dutiable origins at the moment.
The plant uses Spheripol PP technology licensed by LyondellBasell and receives propylene feeds from the nearby SK Advanced’s PDH plant. The PP unit has a production capacity of 400,000 tons/year.
As MRC wrote previously, in October, 2020, Advanced Petrochemical signed an amendment to the partnership agreement between its subsidiary, Advanced Global Investment Co. (AGIC), and SK Gas Petrochemical Pte. Ltd. (SKGP), a unit of SK Gas Co. Ltd.. Under the amendment, an isopropanol (IPA) plant with a capacity of 70,000 tons per annum will be added, along with the Propane Dehydrogenation (PDH) and Polypropylene (PP) plants that were already announced earlier. The company said in a bourse statement that by adding the IPA plant with an estimated cost of SAR 300 million (USD80 million), the total cost of the project for the three factories is currently estimated to be approximately SAR 7.05 billion (USD1.88 billion).
According to MRC's ScanPlast report, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.
PolyMirae is a joint venture between LyondellBasell (50%) and Daelim (50%), currently operating 4 PP Spheripol production lines in Yeosu with a total capacity of 700,000 tons/year.
SK Advanced is a joint venture within SK Gas, Advanced Petrochemical Company, and Petrochemical Industries Company, and operates a 600,000 tons/year PDH plant in Ulsan.
MRC