Advanced Petrochemical awards $350 mln deal for South Korea plant
Advanced Petrochemical Co. has awarded an engineering, procurement and construction (EPC) contract worth $350.6 million for the construction of 400,000 metric tons per annum polypropylene plant in the southern port city of Ulsan in South Korea.
In a statement to Tadawul, the firm said that Ulsan Polypropylene Ltd., a joint venture between SK Advanced Ltd. and PolyMirae Ltd., signed on Dec. 21, 2018 a contract with SK Engineering & Construction Co. Ltd. to carry out EPC work to establish the polypropylene production plant.
Construction will begin in the first quarter of 2019 and the plant is expected to begin commercial operations in the first half of 2021, the statement said.
The EPC contract is considered as a contract with a related party as it is entered into with SK E&C, an affiliate of SK Gas Co. Ltd., which owns 45 percent shares in SK Advanced Company Ltd.
The plant will be one of the largest-of-its-kind in Asia and will utilize LyondellBasell's industry-leading Spheripol technology, the statement added.