Singapore-based Fortrec has closed the purchase of the aromatic solvents refinery in Ulsan, Korea.
Financial details of the deal have not been disclosed.
Following the completion of the acquisition, it has also restarted the operations of the refurbished facility, which has an annual production capacity of 60,000t.
The facility produces aromatic solvents FSol100, FSol150, FSol200 and Washoil.
The restarting of the facility comes after the culmination of a nine-month acquisition by Fortrec, which aims to source all feedstock locally for the facility and intends to achieve complete capacity within the coming months.
The facility will also be further expanded to meet increasing customer demand.
Fortrec is also exploring possibilities of manufacturing other high value-added petrochemical products and their regular stock.
Since its inception, Fortrec has been focused into heavy aromatics trading. A decade ago, the firm ventured into the production sector with the acquisition of an interest in a major Chinese solvent manufacturer.
In the last few years, Fortrec has been exploring opportunities for expanding its asset strategy through acquiring stakes in other production facilities that complement the trading unit of the business.
The purchase of the Ulsan facility is in line with this strategy.
Fortrec CEO Lee Byung Chul said: “We are very pleased to be partnering with such a reputable and long-standing company as Fortrec. We have known them for many years in Korea and are very pleased to have started operations together here in Ulsan.
“We see a huge opportunity by producing using locally sourced feedstock and being able to leverage on Fortrec’s wide reach to tap the export markets for our products. We see great prospects and synergies working together and are excited about our future growth together.”
Fortrec Group managing director Ajay Bhattacharya said: “Fortrec will be celebrating its 20th anniversary in September and we are really pleased to announce our first facility to produce high-grade products for our partners and clients. We continually look at and develop new bio-aromatic products – and are exploring other investment opportunities in China, India, Bangladesh, Vietnam and Sri Lanka.
“Fortrec embraces change and has a five-year horizon so that we can constantly improve our strategy and deliverables so they are relevant to our customers and in step with the environmental changes in our industry.”
Source: Chemicals Technology
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