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Hanwha Total to invest 360 billion won into polyethylene plant

All News 16:59 December 11, 2017

SEOUL, Dec. 11 (Yonhap) -- Hanwha Total Petrochemicals Co., a 50-50 joint venture between Hanwha Group and Total SA, said Monday that it will invest 360 billion won (US$329 million) to build a new polyethylene facility in South Korea.

The plant in Daesan, some 120 kilometers south of Seoul, will have an annual capacity of 49 million tons of polyethylene, Hanwha Total said. Polyethylene products are used in automotive, utilities, construction and other industries.

The company said its annual production of polyethylene is forecast to reach 1.12 million tons in 2019 when the new plant will be up and running.

Hanwha Total was set up in 2015 after Hanwha's purchase of South Korean conglomerate Samsung Group's petrochemicals business, which included the group's 50 percent stake in the Daesan complex.

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