PolyMirae, SK Advanced to establish a polypropylene manufacturing JV in South Korea
SEOUL, South Korea, – PolyMirae Company Ltd. and SK Advanced today announced they are forming a joint venture to expand PolyMirae’s capacity with a new 400,000 tons/year polypropylene plant in Ulsan, South Korea.
The new manufacturing joint venture expects to begin construction on the plant in January 2019 and begin production in 2021. The new plant will use Spheripol polypropylene technology licensed by LyondellBasell and will be supplied with propylene from the nearby SK Advanced’s Propane Dehydrogenation (PDH) plant. The project will go through the relevant regulatory filing and permit reviews soon.
“We are grateful for the opportunity to partner with SK Advanced, given the exceptional operational reliability of their PDH plant,” said Martino
“PolyMirae is an excellent partner in the joint venture because it has a leading reputation in the PP market for its specialty products as well as longstanding excellence in manufacturing and marketing,” said Chul-Jin Kim, CEO of SK Advanced. “With the successful integration of value chain from propane to polypropylene business through JV partnerships, SK Advanced will secure a stable outlet for propylene and further strengthen the competitiveness of its gas chemical business which its mother company, SK Gas has been expanding from its LPG base.”
PolyMirae is a 50 / 50 joint venture between LyondellBasell and Daelim, and currently operates four PP Spheripol production lines in Yeosu with a total capacity of 700,000 tons/year.
SK Advanced is a joint venture among SK Gas, Advanced Petrochemical Company, and Petrochemical Industries Company, and operates a propane dehydrogenation plant in Ulsan with a capacity of 600,000 tons/year.
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