Kumho Petrochemical expands China operation

Koreas Kumho Petrochemical Co. said it had completed the construction of a petrochemical plant in Nanjing, China, raising overseas output capacity and capitalizing on fast-growing Asian markets. The company said it would produce 80,000 tons of propylene oxide, 50,000 tons of polypropylene glycol and 100,000 tons of caustic soda annually at the new factory. The Nanjing factory is the company’s fifth manufacturing facility in China. The company has been fast expanding its operations in the Chinese mainland in recent years in order to meet the soaring plastic demand from Chinese manufacturers. It also said it has bought a 50% stake in the epoxy manufacturing plant of Jiangsu Yangnong Chemical Group Co. CEO Kee Ock said the company plans to double its annual turnover to 4 trillion won (US$4 billion) in five years by continuous expansion and launching new businesses. (June 30, 2008)