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Hanwha Total Petrochemical bankrolls refining complex expansion in Daesan
Hanwha Total Petrochemical, a 50/50 joint venture between Total and Hanwha, is investing almost US$500 million to further expand its Daesan integrated refining and petrochemical complex located in South Korea. The investment will increase polypropylene (pp) capacity by almost 60% to over 1 million tonne/year by the end of 2020; and will increase ethylene capacity by 10% to 1.5 million tonnes.
The expansion project complements the ongoing investments totalling US$750 million to increase the complex's ethylene production capacity by 30% to 1.4 million tonnes/year by mid-2019 and to expand polyethylene (PE) production capacity by 50% to 1.1 million tonnes by end-2019. The new investment in Daesan is expected to meet the demand of the fast-growing Asian markets, while at the same time leveraging competitively priced feedstock, brought on by the booming shale gas in the US, commented Bernard Pinatel, President, Refining & Chemicals at Total.
Daesan is one of Total's six world-class integrated complexes and a strategic asset for both shareholders. It comprises a flexible condensate splitter, a competitive steam cracker and units producing polymers, styrene and aromatics.
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