25 March 2013 21:48 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--South Korea’s Songwon Industrial is planning a major investment in the near term to beef up its capacity for antioxidants, bullish on the growth prospects of polyolefins demand, a company executive said on Monday.
The US or the Middle East are being considered as a possible location for a new plant, Songwon chief operating officer Maurizio Butti told ICIS on the sidelines of the International Petrochemical Conference (IPC).
Increasing the company’s existing 80,000 tonnes/year of antioxidants capacity in South Korea is also an option, Butti said.
A final decision on the major investment, however, may only be taken in a couple of years, he said.
Songwon has phenolic, phosphite, theoesters and aminic antioxidants in its portfolio of plastic stabilisers called Songnox.
Global polyolefin demand is expected to increase by 4-5% this year, providing good growth opportunities for the plastics additives sector, he said.
Songwon Industrial is global producer of polymer stabilisers.
Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC runs through Tuesday.
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