SOUTH KOREA: HANWHA TOTAL TO EXPAND DAESAN REFINING PLATFORM
Hanwha Total Petrochemical, a 50/50 joint venture between Hanwha and Total, will invest to expand its Daesan refining & petrochemicals integrated platform in South Korea. The planned $450 million investment will increase the site’s ethylene capacity by 30% to 1.4 million tons per year.
Daesan is one of Total’s six world-class integrated platforms and a strategic asset for Hanwha. This site which is comprised of a highly flexible condensate splitter, a competitive steam cracker and polymers, styrene and aromatics units, generated a net result of nearly $1 billion in 2016. The extension will significantly increase the site’s flexibility, enabling it to process competitively priced propane feedstock which is abundantly available, notably due to the shale gas revolution in the United States. The expansion project is set to be completed by mid-2019. The additional ethylene production will meet local demand and also supply the nearby fast-growing Chinese market which imports a significant part of its ethylene requirements.
Hanwha Group, founded in 1952, is a global leader in a broad range of business spanning the spectrum of manufacturing, construction, finance, services and leisure industries. (Source and image: Total – Hanwha refinery platform)