20 April 2010 03:52 [Source: ICIS news]
SHANGHAI (ICIS news)--Honam Petrochemical and Qatar Petroleum have shelved a plan to build a $2.6bn (€1.9bn)joint venture (JV) petrochemical complex in Mesaieed, Qatar due to the global financial crisis, the CEO of the South Korean producer said on Tuesday.
The proposed project was unlikely to be revived in the short term, said Chong Bum Shick, president and CEO of Honam Petrochemicals, at the sidelines of the ChinaPlas exhibition in Shanghai.
The Qatar project - a 30:70 joint venture between Honam and Qatar Petroleum - was supposed to include an ethylene cracker with a capacity of 1m-1.3m tonnes/year, a 700,000 tonne/year polypropylene (PP) unit, a 600,000 tonne/year styrene monomer (SM) unit, a 220,000 tonnes/year polystyrene (PS) plant, and a benzene, toluene and mixed xylene [MX] facility.
With the shelving of the ?xml:namespace>
"We’re also looking to establish new facilities in regions where we can obtain lower-priced raw material and where high demand growth is expected,” he said.
"We’re planning to obtain additional PE (polyethylene) and PP production capacity through a project in
According to industry sources, Honam Petrochemical is in talks with state-owned Uzbekneftegas to jointly build a petrochemical facility in
Honam Petrochemical’s existing facilities in South Korea consist of three PP plants with a total capacity of 930,000 tonnes/year, a 370,000 tonnes/year high density PE (HDPE) plant, a 320,000 tonne/year linear low density PE (LLDPE) unit, and a 160,000 tonne/year low density PE/ethylene vinyl acetate (LDPE/EVA) plant.
ChinaPlas, the largest annual plastics event in Asia, runs from 19-22 April.
($1 = €0.74)
For more on ethylene, PE, PP visit ICIS chemical intelligence
To discuss issues facing the chemical industry go to ICIS connect
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections