LyondellBasell announced that Ulsan PP Co., Ltd., a joint venture between PolyMirae Company Ltd, a 50-50 partnership of LyondellBasell and Daelim, and SK Advanced broke ground in the southeastern port city of Ulsan, South Korea.
This new plant will utilize LyondellBasell’s world leading fifth generation Spheripol technology and is expected to begin production in May 2021. With its 400 kiloton annual capacity, the facility will be one of the largest polypropylene plants of its kind in Asia.
“Joint ventures are an important part of our growth strategy to reach the global market,” said Ken Lane, executive vice president of Global Olefins & Polyolefins (O&P) at LyondellBasell. “With the combined advantages of LyondellBasell, Daelim and SK Advanced, this new joint venture will be able to provide competitive and differentiated polypropylene products that help advance fuel efficient vehicles, flexible packaging solutions, clean water and high-quality hygiene to serve the rapidly growing markets in Asia.”
The Ulsan PP plant will leverage a vertically integrated value chain of SK, converting propane supplied by SK Gas to propylene by SK Advanced and finally to polypropylene with LyondellBasell’s leading Spheripol PP process technology. Through this integrated value chain approach, the companies will enhance the stable supply of raw materials, operational efficiency and responsiveness to market changes.
PolyMirae will offtake all polypropylene produced by Ulsan PP which will be sold to customers in South Korea through PolyMirae and exported throughout Asia through LyondellBasell and Daelim, utilizing their superior market knowledge and expertise.