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Bruxelles, Belgium – 8 November 2013: Versalis , Eni's chemical subsidiary and a global leader in the elastomers industry, and Lotte Chemical, a major petrochemical company in South Korea, have established a 50:50 Joint Venture under the name of Lotte Versalis Elastomers Co., Ltd..
Lotte Chemical CEO, Mr Sooyoung Huh, and Versalis CEO, Daniele Ferrari, made the announcement at the Korea Investment Ceremony in Europe in Bruxelles, in the presence of the Minister of Trade, Industry & Energy of South Korea.
The new joint venture will be headquartered in Yeosu (South Korea) and 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. All of these markets have strong growth opportunities in Asia.
The establishment of the joint venture follows the primary terms and conditions agreement for the development of an elastomers production plant in in Yeosu (South Korea) that Versalis and Lotte Chemical (then Honam Petrochemical Corp.) signed on 5 October 2012.
The industrial complex will host production facilities for an elastomers unit including Butadiene and Ethylene Propylene-derived products for a total capacity of about 200 kty.
"As part of its globally-oriented strategy, Versalis aims to gain a leading role in countries which are experiencing high rates of development, and Asia represents a promising growth outlook for our product portfolio. Lotte Chemical is our trusted partner in our effort to establish production facilities close to our target markets facilitating a greater ease of access and a more competitive structure. Versalis can take advantage of the strong growth that the elastomers business is undergoing in Asia by leveraging our valuable proprietary technologies and industrial know-how", says Versalis’ CEO, Daniele Ferrari.
The Lotte Versalis Elastomers joint venture adds to other recent milestones in the region such as the joint venture with petrochemical giant Petronas for the development and joint use of a production plant in Malaysia.
Versalis is already present in the Asia-Pacific region through its Shanghai-based subsidiaries Eni Chemicals Trading and Versalis Pacific Trading.
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
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