Lotte Chemical has commissioned a 700,000-metric tons/year ethylene glycol (EG) plant at Lake Charles, Louisiana. The facility, built by Samsung Engineering using the Scientific Design technology, forms part of Lotte’s $3.1 billion joint venture (JV) with Westlake.
Lotte Chemical holds 90% in the JV, with Westlake holding the rest. The project is based on a 1 million metric tons/year ethylene plant, due onstream in the first half of the year. Lotte will offtake 50% of the ethylene for the EG plant and Westlake will take 10% as per its shareholding. Lotte will sell the remaining 40% of the ethylene to Westlake for its use.
By Natasha Alperowicz
Source: Chemical Week
Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.
Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.
Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.
