Lotte chemical to expand polyethylene manufacturing unit in Malaysia

Lotte Chemical Corp., the compound unit of Lotte Group, has extended its polyethylene plant in Malaysia to support deals in Southeast Asian markets, the organization said.

Lotte Chemical has contributed 300 billion won (US$276 million) in growing the polyethylene production facility in Malaysia since 2015 and finished the extension venture in August, the organization said in an announcement.

The Lotte Chemical Titan Holding Berhad plant now has a manufacturing limit of 810,000 tons of polyethylene, up 13 percent from the past limit of 720,000 tons, it said.

Lotte Chemicalclaims a 74.87-percent stake in the plant which for the most part delivers polyethylene, the most widely recognized of plastic items. Lotte Property and Development holds a 31.27-percent stake in Lotte Chemical. The organizations are affiliates of Lotte Group, a retail-to-construction aggregate.

Lotte Chemical intends to extend its manufacturing facilities in South Korea and the United States one year from now to have a consolidated polyethylene yield limit of 4.5 million tons globally, up from 3.3 million tons it is forecasting for the finish of 2017, the announcement said.