MOSCOW (MRC) -- South Korea's Lotte Chemical Corp has announced that the petrochemical firm will expand its naphtha cracking centre in Malaysia at a cost of 300 billion Korean won (USD257 million), reported Reuters.
With the mechanical completion of the expansion scheduled in the second-half of 2017, Lotte Chemical Titan (M) Sdn. Bhd. will have ethylene production capacity of 812,000 tonnes per year (tpy), up 92,000 tpy from the current size, the company said in a quarterly earnings statement.
In early 2013, a major South Korean pertochemical and polymer producer, Honam Petrochemical, and one of the largest South Korean PET and PTA producer, KP Chemical, decided to merge into a new company with a new name Lotte Chemical Corporation. The newly formed company believes that this move will strengthen its position both in domestic and international markets and is in a line with Lotte Chemical's strategy to become a leading global company.
The Lotte Group currently has a presence in Indonesia via its subsidiary, Honam Petrochemicals, which acquired Malaysia’s polyolefin major Titan Chemicals in July 2010. Included in the acquisition was Titan’s Indonesian subsidiary - PT Titan Petrokimia Nusantara (TPN), which has a polyethylene (PE) production capacity of 450,000 tonnes/year.