Hanwha Total Petrochemical to Invest $300 Million in South Korea
December 11 2017 - 3:05AM
Dow Jones News
By Marc Bisbal Arias
Total SA (FP.FR) said Monday that its Hanwha Total Petrochemical
50/50 joint venture with Hanwha Group will invest $300 million to
expand its integrated refining and petrochemicals platform in
Daesan, South Korea.
The objective of the investment is to expand the joint venture's
polymer production, Total said. With it, the site's polyethylene
capacity will increase by more than 50% to 1.1 million tons a year
by the end of 2019.
This additional production of polyethylene, the most widely used
polymer, will fuel demand both in South Korea and China.
"After the expansion of the steam cracker announced earlier this
year, this project will allow us to capture margins across the full
value chain at this giant integrated platform", said Bernard
Pinatel, Total's president of refining and chemicals.
Hanwha Total Petrochemical will use the advanced double loop
technology licensed by Total and Chevron Phillips Chemical Company,
it said, which will enable the production of a wide range of
high-end specialty polyethylenes.
Daesan is one of Total's integrated platforms and a strategic
asset for both shareholders, the company said. The site, which is
comprised of a flexible condensate splitter, a competitive steam
cracker and polymers, styrene and aromatics, generated a net result
of nearly $1 billion in 2016.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
December 11, 2017 02:50 ET (07:50 GMT)
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