LG Chem build large-scale petrochemical complex in Kazakhstan

LG Chem to build large-scale petrochemical complex in Kazakhstan

3:48 AM, 25th August 2011
LG Chem to build large-scale petrochemical complex in Kazakhstan

ASTANA, KAZAKHSTAN: LG Chem Ltd announced that it will construct a large-scale of petrochemical complex in Atyrau, located at the West of the country in the form of a joint venture with Kazakhstan Petrochemical Industries (KPI), a state-run petrochemical company.

Through the investment worth $4 billion in total, the company said it will have 840,000 mt/yr ethylene and 800,000 mt/yr polyethylene plants. The facilities are  expected to start commercial production in 2016.  

It is believed that LG Chem sees the ethane-based plants as a potential overseas outpost so that it can compete with the Middle East in terms of cost-competitive petrochemical business in the future.

South Korean President, Myung-bak Lee with Bon-moo Koo, Chairman of LG Group and Peter Bahnsuk Kim, Vice-Chairman and CEO of LG Chem, met Kazakhstan President Nursultan A Nazarbayev and Dauren Yerdebay, Chairman of KPI in Astana, the country’s capital city, where a 50:50 per cent, joint-venture agreement was duly signed by both parties.

According to the Kazakhstan authority, LG Chem was the most competitive and reliable company. “With this investment, LG Chem has now secured an important overseas production site based on low-cost petrochemical resources, so we are in a strong position to compete with the Middle East in the future. We will make sure the facility is built and operates well under world’s best technology in petrochemical business,” said Peter Bahnsuk Kim, CEO, LG Chem.

(C) WOC News

 

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