LG Chem drops plan build $4.2 bn Kazakh petrochem complex

LG Chem drops plan to build $4.2 bn Kazakh petrochem complex

12:04 PM, 27th January 2016
LG Chem drops plan to build $4.2 bn Kazakh petrochem complex

SEOUL, SOUTH KOREA: LG Chem Ltd said that it has decided to drop a plan to jointly build a $4.2 billion petrochemical complex in Kazakhstan, citing a prolonged slump in oil prices and a sharp increase in facility investments.

In 2011, the chemical company said it would construct the complex near the western Kazakh city of Atyrau as part of a 50-50 joint venture with two Kazakh companies.

The plan involved building ethylene and polyethylene plants with annual capacities of 840,000 tonne and 800,000 tonne, respectively.

LG Chem also said it had cancelled its plan to invest in the polysilicon business, citing difficult prospects for a market turnaround in the short term.

In 2011, the company said it would build a 5,000-tonne-per-year plant, at a cost of 491 billion won ($408 million), to manufacture polysilicon, which is used to make solar panels.

© Economic Times news



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