27 November 2012 13:08 [Source: ICIS news]
Correction: In the ICIS story headlined "Songwon Mideast OPS plant project to be based in Abu Dhabi" dated 27 November 2012, please read in the fourth paragraph ...Songwon COO... instead of ...Songwon CEO... A corrected story follows.
LONDON (ICIS)--South Korea-based petrochemicals company Songwon Industrial has announced that its new Middle Eastern polymer additives plant is to be based in the Khalifa Industrial City, Abu Dhabi, in the United Arab Emirates, the company said on Tuesday.
Developed as a joint venture (JV) between Songwon, Abu Dhabi-based Polysys Industries and the Pan Gulf Holding Company of Saudi Arabia, the plant will manufacture dust-free polymer additive packages, known as one-pack systems (OPS).
The plant will have an initial capacity of 7,000 tonnes/year, but will have scope to increase production levels if demand proves strong, and is expected to be completed by the fourth quarter of 2013, the company said. The JV is known as Songwon Additive Technologies.
Speaking on the sidelines of the Gulf Petrochemicals and Chemicals Association (GPCA) forum earlier on Tuesday, Songwon COO Maurizio Butti told ICIS that the company is considering a second plant, although no decision has yet been taken: “We expect [the polymer additives market] to grow at least until 2018.”
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