South Korea: Total-Hanwha Joint Venture Invests...
South Korea: Total-Hanwha Joint Venture Invests $450 Million to Expand Its Refining & Petrochemicals Platform
Total S.A.
Hanwha Total Petrochemical, a 50/50 joint venture between Hanwha and Total (Paris:FP) (LSE:TTA) (NYSE:TOT), will invest to expand its Daesan refining & petrochemicals integrated platform. The planned $450 million investment will increase the site’s ethylene capacity by 30% to 1.4 million tons per year.
Daesan is one of Total’s six world-class integrated platforms and a strategic asset for Hanwha. This site which is comprised of a highly flexible condensate splitter, a competitive steam cracker and polymers, styrene and aromatics units, generated a net result of nearly $1 billion in 2016.
The extension will significantly increase the site’s flexibility, enabling it to process competitively priced propane feedstock which is abundantly available, notably due to the shale gas revolution in the United States. The expansion project is set to be completed by mid-2019.
The additional ethylene production will meet local demand and also supply the nearby fast-growing Chinese market which imports a significant part of its ethylene requirements.
“This project is part of our strategy to invest in world-class integrated platforms to develop petrochemicals based on competitive feedstock and targeting high-growth markets,†said Bernard Pinatel, President Refining & Chemicals of Total. “The investment reflects the strong partnership with Hanwha and will contribute to the growth of our Refining & Petrochemicals cash flows.â€
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About Total
Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000Â employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
About Hanwha
Hanwha Group, founded in 1952, is a global leader in a broad range of business spanning the spectrum of manufacturing, construction, finance, services and leisure industries. Hanwha Group consists of 56 domestic affiliates and 226 global networks, as of June 2016.
Cautionary note
This press release, from which no legal consequences may be drawn, is
for information purposes only. The entities in which TOTAL S.A. directly
or indirectly owns investments are separate legal entities. TOTAL S.A.
has no liability for their acts or omissions. In this document, the
terms “Total†and “Total Group†are sometimes used for convenience where
general references are made to TOTAL S.A. and/or its subsidiaries.
Likewise, the words “weâ€, “us†and “our†may also be used to refer to
subsidiaries in general or to those who work for them.
This
document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given
economic, competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk factors.
Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to
update publicly any forward-looking information or statement, objectives
or trends contained in this document whether as a result of new
information, future events or otherwise.
Total
Mike SANGSTER
Nicolas FUMEX
Kim HOUSEGO
Romain
RICHEMONT
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719
7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax
: +1 713-483-5629
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