27 November 2012 09:06 [Source: ICIS news]
DUBAI (ICIS)--South Korea’s Songwon Industrial Group, along with its joint venture partners, is building a new polymer additives plant in the Middle East that is on track to be completed by the fourth quarter of 2013, a company executive said on Tuesday.
The new plant is being built in Abu Dhabi in the United Arab Emirates (UAE), Songwon chief operating officer Maurizio Butti told ICIS at the sidelines of the seventh annual forum of GPCA (Gulf Petrochemicals and Chemicals Association) being held in Dubai on 27-29 November.
Earlier Butti had said the average capacity of the plant will be 7,500 tonnes/year. The plants will produce dust-free polymer additive packages, known as one-pack systems (OPS).
A joint venture firm called Songwon Additive Technologies was formed under a memorandum of understanding signed between Songwon and its Middle East partners – Pan Gulf Holding of Saudi Arabia and Abu Dhabi-based Polysys Industries.
Butti said the company was also considering the possibility of a second plant but no final decision had been taken yet.
“Globally the [polymer additives] market is doing okay despite the financial problems,” he said. “We expect this market to grow at least until 2018,” he added.
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