08 November 2013 09:24 [Source: ICIS news]
SINGAPORE (ICIS)--Italy’s Versalis, the chemicals division of energy firm Eni, said on Friday it has established a 50:50 joint venture with Lotte Chemical following their earlier agreement to build a new elastomers production plant at Yeosu in South Korea.
The new joint venture, named Lotte Versalis Elastomers Co, will “manage the production of streams for premium application segments within the elastomers business, mainly the tyre and automotive industries, and within styrenics modification and technical goods”, Eni said in a statement.
“All of these markets have strong growth opportunities in Asia,” it added.
The two firms on 5 October last year signed a deal to build the new elastomers plant in Yeosu that will have a production capacity of about 200,000 tonnes/year.
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