Home / Knowledge / News / Textiles / Korean firm signs LOI to build petrochem plant in Iraq
Korean firm signs LOI to build petrochem plant in Iraq
19
Dec '13
South Korea based Hanwha Chemical Corp, one of the country’s leading Polyethylene manufacturing firm, has announced that it has signed a letter of intent (LOI) to build a petrochemical plant in Iraq.
 
The LOI was signed by the president of Hanwha Chemical Corp, Bang Han-hong and Iraq’s Deputy Minister of Industry Mohammad Zain in the South Korean capital city of Seoul, reports South Korean news agency Yonhap.
 
The South Korean company will be building an ethylene cracking center and a plant to produce petrochemical products, and these facilities will be part of a larger ethylene and natural gas processing complex planned to be built in southern part of Iraq.
 
The petrochemical plant’s construction is expected to be completed by 2020 or 2021. On completion the complex would have an annual production capacity of 1 million tons of petrochemical products, and could attract investments worth US$ 4 million, improving the industrial competitiveness of the oil-rich Middle Eastern country.
 
The Iraqi project is the second venture of the South Korean firm in the Middle East. In 2009, the company formed an alliance with Saudi Arabian firm Saudi International Petrochemical Company (Sipchem), for setting up an international polymers company. The Saudi project is expected to finish construction during the first half of 2014, and would produce 200,000 tons of polyethylene per year.
 
Established in 1965, Hanwha Chemical Corp has been engaged in manufacturing various chemical products including polyethylene. The firm produces more than 800,000 tons of polyethylene per year.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Apr 2017

Greater Manchester is high on its textiles industry

Greater Manchester is witnessing a boom in textiles industry with 77...

Apparel/Garments | On 25th Apr 2017

Foreign buyers paying less for green factory apparel

International buyers are not paying enough for apparel and garments...

Courtesy: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search