3 December 2018
DETAILS
Hanwha Total Petrochemical,
a 50/50 joint venture between Total and Hanwha,
will invest nearly $500 million to further expand
its Daesan
integrated refining and petrochemical complex
in South Korea.
The planned investment will increase
polypropylene capacity by close to 60%
to 1.1 million tonnes per year by the end of 2020.
The ethylene capacity will simultaneously
increase by 10% to 1.5 million tonnes.
This project complements the ongoing investments
totaling $750 million
* to increase the complex's ethylene production capacity
by 30% to 1.4 million tonnes per year
by mid-2019 and
* to expand polyethylene production capacity
by 50% to 1.1 million tonnes by end-2019.
All these investments are designed
to take advantage of
competitively priced propane feedstock,
which is abundantly available due to
the shale gas revolution in the United States.
With this new investment, Daesan will be
in a position to capture margins
across the propylene-polypropylene value chain,
as it already does
in the ethylene-polyethylene value chain.
The additional production of high-value-added polymers
will allow the complex to meet local demand
and supply the fast-growing Asian market.
Bernard Pinatel,
President, Refining & Chemicals at Total
"This new investment in Daesan is fully in line
with our strategy of growth in petrochemicals
to meet global demand, focusing investments
on our world-class facilities and
leveraging competitively priced feedstock.
This polypropylene project complements
our offering of high-value-added polymers
to the fast-growing Asian market,"4
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