Total: South Korea: Hanwha Total Petrochemical Increases Ethylene Production Capacity by 30%
September 17 2019 - 2:25AM
Business Wire
Regulatory News:
The Daesan integrated refining and petrochemicals complex in
South Korea, owned by Hanwha Total (Paris:FP) (LSE:TTA) (NYSE:TOT)
Petrochemical1, has started its new ethylene production capacities.
With a $450 million investment, the site can now produce 1.4
million tons per year of ethylene, an increase of 30%.
This project was launched in April 2017 and is the first in a
series of three at the complex. More than $300 million are being
invested to expand polyethylene production capacity by 50% to 1.1
million tons per year by the end of 2019, and nearly $500 million
are being invested to increase polypropylene production capacity by
close to 60% to 1.1 million tons per year by 2021.
The three projects take advantage of abundant, cost-advantaged
propane feedstock from the shale gas revolution in the United
States. With these investments, the Daesan facility will be in a
position to capture margins across the ethylene-polyethylene and
propylene-polypropylene value chains. The additional production
capacity will help meet rapidly growing Asian demand.
“These investments and today’s successful start-up of the first
project reflect our strategy of meeting growing global demand for
petrochemicals by channeling our investments into our world-class
complexes and leveraging cost-advantaged feedstock” said Bernard
Pinatel, President, Refining & Chemicals, Total.
**************
TOTAL AND END-OF-LIFE OF PLASTICS
Total’s ambition is to become the responsible energy major by
2035.
Plastics enhance consumers’ quality of life, and their lighter
weight leaves a smaller carbon footprint. Nevertheless, as a
producer, Total exercises the utmost vigilance when managing
end-of-life of plastics, because discarded plastic waste is
environmentally unacceptable.
Total is a founding member of The Alliance to End Plastic
Waste, an organization that brings together around 40 member
companies from across the plastics and consumer goods value chain.
They have committed over $1 billion, with the ultimate goal of
investing $1.5 billion, over the next five years to provide
solutions to eliminate plastic pollution in the environment,
particularly the oceans.
Total is working on all forms of recycling to develop
high-performance recycled polymers. For example, the company
produces, through its affiliate Synova, a range of recycled
polypropylene products that meets the highest quality standards of
original equipment manufacturers and automakers. It has also
developed an innovative polystyrene recycling technology and is
currently conducting proof of concept for every aspect of
large-scale production. Total is a global leader in
bioplastics. The Total Corbion PLA joint venture owns a plant
in Thailand with a capacity of 75,000 tons per year of polylactic
acid (PLA), a 100% biobased bioplastic that is recyclable and
biodegradable.
* * * * *
About the Daesan Refining and Petrochemical Complex
Daesan is one of Total's six world-class integrated complexes
and a strategic asset for both shareholders. It comprises a
flexible condensate splitter, a competitive steam cracker and units
producing polymers, styrene and aromatics.
About Hanwha
Hanwha Group, founded in 1952, is a global leader in a broad
range of business spanning the spectrum of manufacturing,
construction, finance, services and leisure industries. Hanwha
Group consists of 76 domestic affiliates and 351 global networks,
as of December 2018.
About Total
Total is a major energy player that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major.
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total”, “Total Group” and
Group are sometimes used for convenience. Likewise, the words “we”,
“us” and “our” may also be used to refer to subsidiaries in general
or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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1 A 50-50 joint venture between Total and Hanwha.
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