South Korea: $ 215 Million Investment Lotte Chemical Boosts Ethylene Production
South Korea's Lotte Chemical will invest 253 billion won ($ 215.82 million) to increase the ethylene production capacity at its southwestern Yeosu plant by 2018, Reuters reports.
Seoul/South Korea — Lotte Chemical also told Reuters the expansion plan would increase the ethylene production at its Yeosu plant by 200,000 tonnes per year (tpy) to 1.2 million tpy by 2018 and propylene production by 100,000 tonnes to 620,000 tpy. The petrochemical company plans to start construction in the first half of 2017 and expects to boost its annual sales to about 500 billion won ($ 426.48 million) in 2019 when it aims to begin commercial operation of the expanded plant, it said in a separate statement. Lotte Chemical ‘s Yeosu complex, seen here in the evening, produces both ethylene 1,000 kta and MEG 400 kta. Currently, Lotte Chemical operates a 1 million tpy ethylene plant in Yeosu and another 1.1 million tpy ethylene plant in the southwestern city of Daesan. The company said it expects the expansion to raise its total ethylene production capacity to 4.5 million tpy by the end of 2018.