Versalis, Lotte Chemical starts elastomers joint venture business

Versalis, Lotte Chemical JV for elastomers

5:07 AM, 11th November 2013
Versalis, Lotte Chemical new joint venture business on elastomers

BRUXELLES, BELGIUM: Versalis, Eni’s chemical subsidiary and a global leader in the elastomers industry, and Lotte Chemical, a major petrochemical company in South Korea, have established a 50:50 joint venture under the name of Lotte Versalis Elastomers Co Ltd.

The new joint venture will be headquartered in Yeosu (South Korea) and will manage the production of streams for premium application segments within the elastomers business, mainly the tyre and automotive industries, and within styrenics modification and technical goods. All of these markets have strong growth opportunities in Asia.

The establishment of the joint venture follows the primary terms and conditions agreement for the development of an elastomers production plant in Yeosu (South Korea) that Versalis and Lotte Chemical signed on 5 October 2012.

The Lotte Versalis Elastomers joint venture adds to other recent milestones in the region such as the joint venture with petrochemical giant Petronas for the development and joint use of a production plant in Malaysia. The industrial complex will host production facilities for an elastomers unit including butadiene and ethylene propylene-derived products for a total capacity of about 200 kilotonne per year.

“As part of its globally-oriented strategy, Versalis aims to gain a leading role in countries which are experiencing high rates of development, and Asia represents a promising growth outlook for our product portfolio. Lotte Chemical is our trusted partner in our effort to establish production facilities close to our target markets facilitating a greater ease of access and a more competitive structure. Versalis can take advantage of the strong growth that the elastomers business is undergoing in Asia by leveraging our valuable proprietary technologies and industrial know-how,” said Daniele Ferrari, CEO, Versalis.

 

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