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BP, Lotte approve $175M capacity expansion at South Korea petrochemical plant

London-based oil major BP PLC and petrochemicals firm Lotte Chemical Corp. have agreed to hike production capacity at their joint venture facility in Ulsan, South Korea, BP said Jan. 10.

The expansion will boost acetic acid capacity to 650,000 tons per year from 550,000 tons per year through bottlenecking by May 2019 and increase vinyl acetate monomer capacity to 400,000 tons per year from 200,000 tons per year.

It will cost US$175 million and increase total production capacity to over 1 million tons per year.

The joint venture also plans to build a second vinyl acetate monomer plant by the end of 2020.

BP owns 50.94% of the joint venture while Lotte holds 49.06%.