South Korea-based textiles and textile machinery manufacturer Hyosung Corp has announced that it would construct a 280 billion South Korean won (approx. US$ 266 million) propylene plant in South Korean city of Ulsan.
According to the firm, the project for building the propylene plant was launched in expectations that the recent brisk development of shale gas may decrease the prices of propane, a raw material for propylene, and help Hyosung profit more from the propylene production, reports South Korean news agency Yonhap.
The textile firm intends to build the propylene plant in Ulsan, around 414 km southeast of the capital city of Seoul. The construction of the plant is expected to be completed by May 2015.
On completion, the propylene plant would boost the company’s annual propylene production capacity to 500,000 tons, from the existing 200,000 tons.
Established in 1957, the South Korean firm operates in various fields including textiles and chemicals. The company is active in specialty chemical production, tire fabric, and textile machinery manufacturing.
Since its establishment, Hyosung has grown into a global network of more than 30 overseas subsidiaries in China, Southeast Asia, Europe, and North America, and is also the largest spandex manufacturer in China.
Propylene finds use as a feedstock in manufacturing of various products, especially textiles.
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