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[THE INVESTOR] South Korean chemicals firm LG Chem said Sunday that it will drive up production of its high-end specialty chemicals in preparation for increasing competition in the global petrochemicals market.
LG Chem plans to double its sales of specialty chemicals such as its self-developed polyolefin products, acrylonitrile butadiene styrene and engineering plastics to 7 trillion won ($6.2 billion) by 2020.
The chemicals firm plans to focus on producing more specialty chemicals based on its exclusively-developed propriety metallocene catalyst, the company said. The technology lets LG Chem produce upgraded versions of existing products such as polyethylene and polypropylene, which are sold at higher prices in the market, it added.
As part of such efforts, the company has already invested some 400 billion won into driving up the production capacity of its elastomers -- a specialty chemical that combines the properties of rubber and plastic -- facilities to 290,000 tons by 2018.
It also plans to double the specialty chemicals portion of its net polyolefin production from the current 30 percent to 60 percent by 2020, among similar production hikes for its alternative high-value chemicals.
By Sohn Ji-young/The Korea Herald (jys@heraldcorp.com)
