UPDATE: Hyundai and Lotte Chemical to start up new petchem plant by end of 2021

Hyundai Oilbank announced that the company’s joint venture petrochemical project with Lotte Chemical in Daesan, South Korea is set to come online by the end of 2021. 

The project that costs 2.7 trillion Korean Won ($2.5 billion), will be producing 850,000 tons/year of ethylene, 850,000 tons/year of PE, and 500,000 tons/year of PP using heavy fuel as feedstock. The plant will be operated by Hyundai Chemical (a joint venture between Lotte Chemical and Hyundai Oilbank)