SK Chemical to build polyethylene plant in Ulsan

SEOUL, June 30 (Yonhap) -- SK Global Chemical Co. Ltd., a South Korean chemicals maker, said Thursday that it will invest 370 billion won (US$345 million) to build a polyethylene plant in the southeastern part of the country.
The plant will be built in Ulsan, some 414 kilometers southeast of Seoul, and have an annual production capacity of 230,000 tons of "nexlene," an advanced type of polyethylene invented by the company last year, SK Global Chemical said.
SK Global Chemical said it will start work on the plant during the second half of this year for completion in 2013.
"The plant will help SK Global Chemical tap deeper into the polyethylene market that is growing 10 percent annually," the company said.
One of the most widely used plastics, polyethylene is used for pipes, plastic bags and plastic films.
As part of its strategy to make high-end polyethylene products, SK Global Chemical embarked on a project to develop the technology to produce nexlene. Since June 2009, the company has been conducting a test run of a pilot facility.
SK Global Chemical, a subsidiary of South Korea's top refiner SK Innovation Co., said it has applied for patents on the technology at home and abroad.
brk@yna.co.kr