Total-Hanwha JV to invest US$450 mln in refining and petrochemicals expansion in China

12-Apr-17

French oil and gas company Total's South Korean joint venture with Hanwha will invest US$450 mln in the group's refining and petrochemicals platform to expand capacity to meet growing demand from China, as per Reuters. The company said the investment will increase the Daesan complex's ethylene capacity by 30% to 1.4 mln tpa. Total added that the expansion of the project is scheduled to be completed by mid-2019. The Daesan refining and petrochemicals platform is a 50:50 joint venture between the French oil and gas major and the South Korean conglomerate.

"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," Total said in a statement.