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Biz News Korea(Eng)
Lotte Chemical to expand yearly ethylene output at Yeosu plant to by 200,000 tons
- Collected
- 2016.12.13
- Distributed
- 2016.12.14
- Source
- Go Direct
According to the company, it plans to start expanding its ethylene manufacturing facility in Yeosu, South Jeolla Province in the first half of next year, and the expanded facility is expected to boost the company’s ethylene sales by 500 billion won a year when it enters commercial production in 2019. The company is expected to invest 253 billion won ($216 million) in the expansion.
Ever since its foundation in 1990, the ethylene producing plant in Yeosu has gone through the first expansion in 2000 and second in 2012. After the planned third expansion, its capacity would be boosted by 350 percent from the initial output.
After the expansion, the company’s combined ethylene output at domestic facilities including Daesan plant would reach 2.3 million tons. When including output of its factory in Uzbekistan that opened in May, the ethylene plant in Malaysia that has been going through expansion, and the ethane cracker facility in the U.S. slated to open in 2019, Lotte Chemical would become the largest ethylene producer with 4.5 million ton annual capacity in the nation and 7th largest in the world.
The company is also considering beefing up its propylene production from current 520,000 tons to 620,000 tons, and establishing a gas turbine power generator that utilizes methane by investing 47 billion won to enhance power self-sufficiency of its Yeosu facility and reduce green house gas emissions.
Shares of Lotte Chemical closed Monday at 351,500 won, down 2.36 percent or 8,500 won from the previous session.
By Jung Wook
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