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Hyosung gets permission for setting up PP plant in Vietnam

Sep '18
South Korea’s Hyosung Corporation has received a certificate of investment registration for the construction of a polypropylene (PP) plant and a liquefied petroleum gas (LPG) warehouse from the People’s Committee of Ba Ria-Vung Tau, a province in Vietnam’s southeast region. The $1.2 billion project will be the largest ever licensed in the province.

The project, to be spread on nearly 61 hectares at the Cai Mep Industrial Zone, will be built in two phases. In the first phase, a PP plant will be constructed. The plant will have an annual capacity to produce 55,000 tonnes of ethylene, 600,000 tonnes of propylene, 600,000 tonnes of polypropylene in the forms of Homo and Co, 20,000 tonnes of hydrogen, as well as other by-products such as steam, inert gas and light hydrocarbons, according to Vietnamese media reports.

The second phase will involve construction of a 240,000-tonne-per-year LPG underground warehouse.

Both the phases are expected to be completed by the end of 2020, and the project is likely to commence operation in early 2021, according to Ba Ria-Vung Tau Industrial Zones Authority.

Initially, the project has been granted license for 34 years.

Hyosung is among the 15 largest industrial conglomerates in South Korea. Since its entry into Vietnam a decade ago, the company has invested around $1.5 billion, which includes setting up a textile and industrial raw materials plant at the Nhon Trach 5 Industrial Zone in Dong Nai province. (RKS)

Fibre2Fashion News Desk – India

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