The project in Daesan includes a steam cracker to break down heavy fuel oil which will be mechanically completed in the third quarter and commence commercial operations before the end of the year, a Hyundai Oilbank official told Reuters.
The companies embarked on the 2.7 trillion Korean won ($2.4 billion) project in May 2018 through joint venture company Hyundai Chemical, and have since increased its capacity.
The cracker can produce 850,000 tonnes per year (tpy) of ethylene, the official said. Other units will produce 850,000 tpy of polyethylene and 500,000 tpy of polypropylene, both of which are raw materials for plastics.
Hyundai Chemical currently operates a condensate splitter and mixed xylenes plant.
($1 = 1,136.68 Korean won)
(Reporting by Heekyong Yang; Writing by Florence Tan; Editing by Jan Harvey)
By Heekyong Yang