ULSAN < invest Korea

According to Yonhap News,

(SEOUL = Yonhap News) Hyosung announced on 17 December that the company began its construction of the propylene plant with annual production of 300,000 tons in Ulsan’s Namgu Yongyeon factory site.

The company held the groundbreaking ceremony on 16 December, and President of PP/DH Performance Unit Choi young-gyo, plant manager of yongyeon plant Cho do-seon and President of Daelim Industrial Co., Ltd. Lee Cheol-gyun attended the ceremony.

The price of propane, the raw material for propylene, has declined due to the countries like the United States started an active development of the shale gas. The fall in price is expected to lead to a higher profitability in the future.

The company plans to invest a total of KRW 280 billion and complete the construction by May 2015.

Hyosung expects an annual production of 500,000 tons of propylene once the plant becomes operational.

Propylene is the raw material for polypropylene, which is used to produce the plastic container, drain pipe, medical syringes.

oakchul@yna.co.kr

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Source Text

Source: Yonhap News (Dec. 17, 2013)

** This article was translated from the Korean.