South Korea's Hyundai Chemical to start up new petchem plant in 2021

Market sources reported that Lotte Chemical has signed an agreement with Hyundai Oilbank for a joint venture of the construction of a new heavy feed based petrochemical complex, which costs about 2.7 trillion Korean Won ($2.5 billion).

Based in Daesan, South Korea, the plant will be able to produce 750,000 tons/year of ethylene, 750,000 tons/year of PE and 400,000 tons/year of PP using heavy fuel as feedstock. The plant will be operated by Hyundai Chemical (joint venture between Lotte Chemical and Hyundai Oilbank) and slated to set up by year 2021.

At the moment, the joint venture operates a 130,000 barrels/day of condensate splitter at the same site, producing 1.2 million tons/year of mixed xylenes, 1 million tons/year of light naphtha and 50,000 barrels/day of oil products such as gasoil and jet fuel.