Lotte Group to open U.S. ethylene cracker complex
Lotte Group Chairman Shin Dong-bin traveled to the United States to attend a ceremony celebrating the completion of Lotte Chemical’s ethylene cracker complex (ECC) in Lake Charles, Louisiana, Lotte announced Monday.The ceremony is scheduled to take place Thursday. Shin is expected to give a speech there. According to industry sources, Korean Prime Minister Lee Nak-yon will also attend the ceremony.
The completion ceremony comes three years after the construction began.
The ECC reflects Lotte Group’s ambitions to expand its global influence. Lotte Chemical invested $3.1 billion to build the ECC plant, which produces ethylene from shale gas.
The plant will begin operations on Thursday. Using shale gas, it is expected to annually produce 1 million tons of ethylene, a core chemical used in the plastics industry.
It will also produce 700,000 tons of ethylene glycol, a chemical commonly used for antifreeze and coolant.
The ECC is a joint project with U.S.-based Axiall, a chemical company that was acquired by Westlake Chemical in 2016.
Lotte holds a 90 percent stake in the ECC plant.
By Jin Min-ji
with the Korea JoongAng Daily
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