LG Chem Drops Plan to Build $4.2 Bln Kazakh Petrochem Complex

Source: Reuters 1/26/2016, Location: Asia

South Korea's LG Chem said it had decided to drop a plan to jointly build a $4.2-billion petrochemical complex in Kazakhstan, citing a prolonged slump in oil prices and a sharp increase in facility investments.

In 2011, the chemical company said it would construct the complex near the western Kazakh city of Atyrau as part of a 50-50 joint venture with two Kazakh companies.

The plan involved building ethylene and polyethylene plants with annual capacities of 840,000 tonnes and 800,000 tonnes, respectively.

LG Chem also said it had cancelled its plan to invest in the polysilicon business, citing difficult prospects for a market turnaround in the short term.

In 2011, the company said it would build a 5,000-tonne-per-year plant, at a cost of 491 billion won ($408 million), to manufacture polysilicon, which is used to make solar panels.


United Kingdom >>  8/5/2022 - The Equinor-operated Rosebank oil and gas field will provide significant investment into the UK.

According to a socioeconomic study by Wood...

United States >>  8/5/2022 - Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet") today announced a series of transactions conducted by its unrestricted subsidiary...

Saudi Arabia >>  8/3/2022 - Saudi Arabian Oil Company (“Aramco”) today signed a Memorandum of Understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) covering m...
Azerbaijan >>  8/2/2022 - Azerbaijan’s goal of diversifying its energy mix has received a major boost with the approval of US$ 114.2 million financing package from the European...

United States >>  8/2/2022 - The Biden-Harris Administration, through the U.S. Department of Energy (DOE), today announced $26 million to fund projects that will demonstrate that ...
Canada >>  8/1/2022 - Aurora Hydrogen, a company developing emission-free, hydrogen production technology, has raised $10M USD in Series A funding led by Energy Innovation ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.