Samsung Total Petrochemicals to expand and upgrade facilities in South Korea

Samsung Total Petrochemicals, a 50-50 joint venture between Total and Samsung is expanding and upgrading its Daesan complex in South Korea. Analysts say that the expansion program is Total’s way of consolidating its position in petrochemicals in Asia. The project will cost US$1.8 billion and will include construction of a second aromatics unit and an ethylene-vinyl acetate (EVA) copolymer unit. The new aromatics unit will be operational by September 2014, and is expected to produce 1 million metric tons of paraxylene and 420,000 metric tons of benzene annually. Benzene is used in the production of petrochemical products. “This investment project in partnership with Samsung is aligned with Total’s strategy of expanding in growth markets. It gives us the strong base we need to maintain our position as a leading supplier of value-added products to meet demand in Asia, especially China,” Patrick Pouyanne, president of Total’s Refining – Chemicals business, said. “We are pursuing our strategy of focusing our spending on our most efficient integrated platforms, such as the Daesan complex.” (January 27, 2012)