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Korean firm signs LOI to build petrochem plant in Iraq
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

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