+ A

Lotte Group to open U.S. ethylene cracker complex

May 07,2019
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