MILAN, Italy (Oct. 8, 2012)—Versalis, Eni S.p.A's chemical subsidiary and global leader in elastomers, and Honam Petrochemical Corp., one of the major petrochemical companies in South Korea, have signed an agreement for the development of an elastomeric production plant at its Honam facilities in Yeosu, South Korea.
The site will use Versalis' proprietary technologies and will have a production capacity of about 200,000 metric tons of elastomers annually, which will be delivered primarily on the Asian markets.
The start-up is planned by the end 2015.
Versalis will provide its engineering services, commercial development skills and technical assistance while Honam will provide the primary raw materials, operative sites and existing structures.
The agreement sets the basis for the creation of a joint venture, the goal of which is to strengthen Versalis' position on the global market, particularly in the Asia-Pacific region, the companies said.
The partnership with Honam Petrochemical is in addition to the recent inauguration of the Versalis office in Shanghai, China, and its joint venture with Petronas for the development and joint use of a production plant in Malaysia.