Lotte plans to invest in petrochemical projects in Southeast Asia
South Korea's Lotte Group is currently considering a new petrochemical joint venture project in Southeast Asia, including an investment in Indonesia or a petrochemical joint venture project of up to US$5 billion.
An administrator of the Lotte Group stated that it is considering establishing a new cracker and some downstream equipment in a joint venture in Indonesia. The investment will reach 3 billion to 5 billion U.S. dollars, but the specific types of downstream devices are still being studied. Lotte Group has also begun feasibility studies on investment projects in other Southeast Asian countries, including Vietnam and Malaysia, and is expected to be completed within this year. The group will look for a local investment partner in Vietnam or Indonesia. The new investment project is not necessarily implemented by Teng Chemical.
Lotte Group has currently launched part of its operations in Indonesia through its subsidiary Hunan Petrochemical Corporation. In July 2010, Hunan Petrochemical Corporation acquired Malaysian polyolefin giant Dateng Chemical, including Teng Chemical's subsidiary in Indonesia (TPN). TPN has 450,000 tons/year of polyethylene (PE) capacity in Indonesia.
Hunan Petrochemical Company, a subsidiary of Lotte Group, is a manufacturer of synthetic resins, basic petrochemicals, basic chemicals and high-performance polymers. It has a capacity of 1.75 million tons/year of ethylene, including a set of 750,000 tons/year of cracking in Yeosu. Installation and a set of 1 million tons/year cracker in Dashan. Tatung Chemical is also an integrated producer of olefins and polyolefins. It operates two cracker units in Brazil's Gudang, Malaysia. The No. 1 unit has a design capacity of 285,000 tons/year and the No. 2 unit has a designed capacity of 435,000 tons/year.
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