VERSALIS, Eni’s chemical subsidiary, and Lotte Chemical, a major petrochemical company in South Korea, have established a 50:50 joint venture known as Lotte Versalis Elastomers.
Lotte Chemical CEO, Sooyoung Huh, and Versalis CEO, Daniele Ferrari, made the announcement at the Korea Investment Ceremony in Europe in Bruxelles.
The new jv, which will be headquartered in Yeosu (South Korea), will manage the production of streams for premium application segments within the elastomers business, mainly the tyre and automotive industries,and within styrenics modification and technical goods. It will also set up an elastomers production plant in in Yeosu (South Korea), which will produce butadiene and ethylene propylene-derived products with a total capacity of about 200,000 tonnes/year.