Hanwha Total Petrochemical will invest more than $300 million to expand its integrated refining and petrochemicals platform located in Daesan, South Korea, according to the French company, Total on Monday.
The investment will increase the site's polyethylene capacity by more than 50 percent to 1.1 million tons per year by the end of 2019, according to the company.
Daesan is one of Total's six world-class integrated platforms and a strategic asset for both shareholders, Total said.
The site, which is comprised of a flexible condensate splitter, a competitive steam cracker and polymers, styrene and aromatics, generated a net result of nearly $1 billion in 2016, the company said.
Hanwha Total Petrochemical is a 50/50 joint venture between South Korea-based energy company, Hanwha and French energy firm, Total.
They will use state-of-the-art Advanced Double Loop technology licensed by Total and Chevron Phillips Chemical Company to enable the production of a wide range of high-end specialty polyethylenes, according to the company.
The additional production of polyethylene will supply the local South Korean demand and also the fast-growing Chinese market, the statement said.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr