PARIS (Reuters) – French energy group Total <TOTF.PA> and its South Korean partner Hanwha will invest around $500 million to expand their Daesan refining and petrochemicals site in South Korea.
Total said on Monday that the planned investment would increase polypropylene capacity by some 60 percent to 1.1 million tonnes per year by the end of 2020, and boost ethylene capacity by 10 percent to 1.5 million tonnes.
Polyethylene is used in packaging, pipes, bottles, plastics and other composite materials. It is also seen as a growing market, which Total is targeting through a global expansion of its petrochemicals refining units.
(Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan)