Seoul – Lotte Chemical and GS Energy of South Korea have signed a KRW 800-billion (€600 million) joint venture agreement to manufacture C4 products, including butadiene.
The joint venture company will be established in the second half of the year and the JV plant is scheduled for completion in the first half of 2023, Lotte said in a Korean-language statement 15 July.
Lotte Chemical will be holding 51% of the shares in the JV while GS Energy will own the remaining 49%.
To be built at the site of Lotte Chemical’s Yeosu 4 plant, the “large-scale” complex will produce 210 kilotonnes per annum (ktpa) of C4 oil products, including 90ktpa of butadiene.
In addition to C4 products, the plant will also include a 200ktpa bisphenol A (BPA) production unit, Lotte added.