South Korea: Petrochemicals BP and Lotte to Expand Production Capacity of Joint Venture Plant
On expansion, the JV facility is anticipated to add acetic acid with a capacity of 100,000 tonnes per year by May 2019. Together the companies also aim to double the current 200,000 tpa vinyl acetate monomer capacity with the addition of a second Vam plant towards the end of 2020.
Ulsan/South Korea – BP and Lotte have agreed to a major expansion of production capacity at their joint venture Lotte BP Chemical Company facility in Ulsan, South Korea.
The expansion is expected to add 100,000 tonnes a year (tpa) of acetic acid capacity by May 2019 through debottlenecking, and to double the current 200,000 tpa vinyl acetate monomer (Vam) capacity with the addition of a second Vam plant by the end of 2020. The new expansion will bring total production capacity of the site to over 1 million tpa.
With this expansion, BP petrochemicals intends to continue to meet Korea’s growing demand for the key petrochemicals. The expected investment of 175 million dollars will be funded by the joint venture.