Making petrochemicals in South Korea
2 Dec 2002
Through its chemicals division Atofina, TotalFinaElf and South Korean-based Samsung have signed a memorandum of understanding with the aim of setting up a 50/50 petrochemicals joint venture in South Korea.
As part of the deal, the Samsung General Chemicals facility at Daesan will be transferred over to the joint venture which will produce and market a wide range of base petrochemicals and polyolefins.
The petrochemicals facility has an annual production capacity of 650,000 tons of ethylene, 670,000 tons of styrene, 500,000 tons of paraxylene and 670,000 tons of polyolefins. It is located on the West Coast of South Korea, 150 kilometers southwest of Seoul and 400 km from China.
Atofina says that the investment will allow it to acquire a major petrochemicals manufacturing base in Asia and to aggressively develop its commercial position in the region.
