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

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


EU to investigate support for Iberpotash in Spain

BRUSSELS, BELGIUM: Following a complaint, the European Commission (EU) said that it has opened an in-depth investigation into whether public measures ...

Read more
Grace sets private offering price of GCP senior notes

COLUMBIA, US: W R Grace & Co said that GCP Applied Technologies Inc (GCP), its indirect wholly owned subsidiary, has priced an offering of $525,00 ...

Read more
Govt hikes basic customs duty on medical devices

NEW DELHI, INDIA: Based on recommendations of a task force constituted for giving suggestion to boost the domestic medical devices sector, the governm ...

Read more
Need to enhance competitiveness of Indian PVC, caustic soda: FICCI

NEW DELHI, INDIA: Indian poly vinyl industry is presently not doing well. Import of PVC, which was less than 5 percent of the country’s demand t ...

Read more
Adisseo, Novozymes launch their first probiotic for poultry

BAGSVAERD, DENMARK: Adisseo and Novozymes, two global leaders in the animal nutrition and feed additive industry, said that they have launched their p ...

Read more
5 chemistry inventions that enabled the modern world

COLOGNY, SWITZERLAND: Did you know that the discovery of a way to make ammonia was the single most important reason for the world’s population e ...

Read more