ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) On June 28, Ulsan city announced that Ulsan city mayor Song Chul-ho, leading an investment delegation to Russia, Netherlands, and Denmark, signed MOU on strategic investment cooperation with LyondellBasell, a company located in Rotterdam, Netherlands.

The MOU signing ceremony was held at LyondellBasell, attended by Ulsan mayor and James M. Seward, vice president of Sustainability, Technology and Joint Ventures on June 27.

With the MOU, LyondellBasell can closely cooperate with Ulsan city in the process of Ulsan PP project, a joint venture between SK Adavanced and Polymirae.

Ulsan PP is set to invest KRW 500 billion by 2020 to build a polypropene production plant with 400,000 tones capacity per year in the Ulsan New Port hinterland in Hwangseong-dong, Nam-gu, Ulsan city based on Spheripol license, a production process technology provided by LyondellBasell.

Polymirae is a joint venture between LyondellBasell and Daerim, while SK Advanced is a joint venture of SK gas, Saudi's APC, and Kuwait's PIC.

Vice president James M. Seward said, "We currently have 11 Spheripol-licensed facilities in Korea, showing confidence in LyondellBasell's technology," adding that "Spheripol is the world's best PP production technology, and we're happy to see this technology is applied to Ulsan city."

Ulsan city mayor said, "We're grateful as LyondellBasell, a global powerhouse in petrochemical area, decided to make investment and support Ulsan city. We will continue to provide tailored support and cooperation."

LyondellBasell is a leading producer of polypropylene and polyethylene, having more than 250 polyolefin licenses globally.



young@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (June 28, 2019)