Hyundai Oilbank has completed the construction of a heavy feed petrochemical complex (HPC) which is a heavy oil-based petrochemical facility, and will enter the eco-friendly chemical material business in earnest.
Hyundai Chemical, a petrochemical affiliate of Hyundai Oilbank, held an HPC plant completion ceremony with the presence of HD Hyundai Chairman Kwon Oh-gap, Hyundai Oilbank Vice Chairman Kang Dal-ho and Lotte Group Vice Chairman Kim Kyo-hyun at its Daesan Plant in Seosan, South Chungcheong Province on Oct. 12.
The HPC project is a new super-large petrochemical project in which Hyundai Chemical, a joint venture between Hyundai Oilbank and Lotte Chemical, invested more than 3 trillion won. Built on a site of 660,000 square meters within Daesan Plant, the plant can produce 850,000 tons of ethylene and 500,000 tons of propylene per year.
“Hyundai Chemical, which was launched in 2014 as a joint venture between an oil refinery and a petrochemical company for the first time in Korea, is recognized as a best practice in the industry by creating synergies based on raw material supply and sales networks of both companies,” HD Hyundai Chairman Kwon said at the completion ceremony. “With the completion of the HPC plant, we will leap forward as a general petrochemical company that actively promotes future businesses such as eco-friendly chemical materials.”
“The HPC project is a large-scale petrochemical investment that further maximizes synergies based on strong trust between Hyundai Oilbank and Lotte Chemical,” said Kim Kyo-hyun, Vice Chairman of Lotte Chemical. “I’m sure that this project will be a good example where two companies of different industries boost their business competitiveness and further contribute to the national economy through strategic alliance.