HOUSTON and HONG KONG, June 25,
2018 /PRNewswire/ -- PolyMirae Company Ltd. announced today
that it would establish a joint venture with SK Advanced in
South Korea. The joint venture
intends to build a new 400,000 ton/year polypropylene plant to
serve customers in Asia. The plant
will be located in the southeastern port city of Ulsan and is
dependent on regulatory filings and permitting reviews.
PolyMirae is a joint venture 50 percent owned by LyondellBasell
(NYSE: LYB), one of the largest plastics, chemicals and refining
companies in the world, and 50 percent owned by Daelim, a
construction and petrochemical company in South Korea.
Construction on the project will begin in January 2019 and operations at the plant will
begin in the first half of 2021.
"Through direct investment or through a joint venture such as
PolyMirae, we continue to build production capacity to serve
rapidly growing end markets in Asia," said James
Seward, Vice President of Joint Ventures and International
Marketing at LyondellBasell. "With the addition of this joint
venture's capacity, PolyMirae will ensure that automotive
manufacturers in South Korea and
throughout Asia will continue to
be able to locally source the polypropylene they need to advance
the next generation of fuel efficient vehicles, and that
LyondellBasell will gain access to additional export volumes to
ensure our global production footprint will continue to grow
alongside our customer base."
The new polypropylene plant will be one of the largest of its
kind in Asia and will utilize
LyondellBasell's industry-leading Spheripol technology.
Polypropylene manufactured at the joint venture will be sold to
customers in South Korea and
exported throughout Asia for use
in automotive components, injection molding, blow molding and
packaging film. Some of the polypropylene will also be sold to
compounding companies in South
Korea and the broader region.
PolyMirae is a 50 / 50 joint venture between LyondellBasell and
Daelim. The new company will be a joint venture between PolyMirae
and SK Advanced.
About PolyMirae
PolyMirae is a joint venture between
Daelim and LyondellBasell Industries, both of which are well
respected companies worldwide, and is a leading polypropylene
production company in Korea. With Daelim's outstanding accumulated
on-site operational experience and LyondellBasell's core
technologies and worldwide sales network, PolyMirae was founded on
September 1st 2000 in order to
produce and supply the best polypropylene in Asia.
About Daelim (50% partner in PolyMirae)
Daelim
Industrial is a construction and petrochemical company that is a
part of the Daelim Group hailing from South Korea. As the first Korean company to
build petrochemical plants in the Middle
East, Daelim continues to expand globally. Daelim builds
petrochemical, refinery and power plants in more than 36 countries.
With headquarters in Seoul, South
Korea, Daelim completed more than 600 engineering and
construction projects around the world, as well as operates
manufacturing facilities in South
Korea. Founded in 1939, Daelim has approximately 5,300
employees worldwide. Revenues for 2014 were $8 billion. For more information, visit
Daelim.co.kr/Daelimchem.co.kr.
About LyondellBasell (50% partner in
PolyMirae)
LyondellBasell (NYSE: LYB) is one of the largest
plastics, chemicals and refining companies in the world. Driven by
its 13,400 employees around the globe, LyondellBasell produces
materials and products that are key to advancing solutions to
modern challenges like enhancing food safety through lightweight
and flexible packaging, protecting the purity of water supplies
through stronger and more versatile pipes, and improving the
safety, comfort and fuel efficiency of many of the cars and trucks
on the road. LyondellBasell sells products into approximately 100
countries and is the world's largest licensor of polyolefin
technologies. In 2018, LyondellBasell was named to Fortune
magazine's list of the "World's Most Admired Companies." More
information about LyondellBasell can be found at
www.LyondellBasell.com.
Cautionary Note Regarding Forward-looking
Statements
The statements in this communication relating to
matters that are not historical facts are forward-looking
statements. These forward-looking statements are based upon
assumptions of management which are believed to be reasonable at
the time made and are subject to significant risks and
uncertainties. Actual results could differ materially based on
factors including, but not limited to, the business cyclicality of
the chemical, polymers and refining industries; the availability,
cost and price volatility of raw materials and utilities,
particularly the cost of oil, natural gas, and associated natural
gas liquids; competitive product and pricing pressures; labor
conditions; our ability to attract and retain key personnel;
operating interruptions (including leaks, explosions, fires,
weather-related incidents, mechanical failure, unscheduled
downtime, supplier disruptions, labor shortages, strikes, work
stoppages or other labor difficulties, transportation
interruptions, spills and releases and other environmental risks);
the supply/demand balances for our and our joint ventures'
products, and the related effects of industry production capacities
and operating rates; our ability to successfully execute projects;
legal and environmental proceedings; tax rulings, consequences or
proceedings; potential governmental regulatory actions; and risks
and uncertainties posed by international operations, including
foreign currency fluctuations. Additional factors that could cause
results to differ materially from those described in the
forward-looking statements can be found in the "Risk Factors"
section of our Form 10-K for the year ended December 31, 2017, which can be found at
www.LyondellBasell.com on the Investor Relations page and on the
Securities and Exchange Commission's website at www.sec.gov.
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SOURCE LyondellBasell