MOSCOW (MRC) -- Hyosung Corp., a Soth Korean industrial conglomerate, is accelerating its foray into Iran, as reported by Plastemart with reference to pulsenews.co.kr.
According to chemical industry sources, Hyosung has signed a memorandum of understanding (MoU) with Iran’s state-run National Petrochemical Company in the business of polypropylene (PP).
The Korean company said it has been in talks with its Iranian counterpart to determine the feasibility of its PP business in the country, but has not made any conclusion yet.
As MRC informed before, in early 2017, Hyosung Corp. announced its plans to invest USD1.2-billion in a two-phase project, which involves construction PP plants and a liquefied petroleum gas (LPG) warehouse at the Cai Mep Industrial Zone in Vietnam.
The first phase involves construction of a 300,000-t/y PP plant, at an investment of USD336-million, and a USD133-million underground warehouse for LPG. In the second phase, Hyosung will build an additional 300,000-t/y PP unit, valued at USD226-million, as well as a USD496-million PDH optical fiber plant. A project schedule was not given.
Hyosung Corporation is a Korean industrial conglomerate, founded in 1957. It operates in various fields, including the chemical industry, industrial machinery, IT, trade, and construction.
MRC