Korea-Saudi Joint Venture SSNC Invests 200 Billion KRW in Ulsan... New and Expanded Production Plant for High-Performance Polyolefin Elastomers

Responding to Demand for Eco-Friendly High-Performance Polyethylene, Annual Production Capacity of 300,000 Tons Possible

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] A ‘high-performance polyolefin elastomer production plant’ worth 200 billion KRW will be newly established and expanded in Cheongnyang-eup, Ulju-gun, Ulsan.

On the 23rd at 2 p.m., Ulsan City and the Korea-Saudi joint venture SSNC will sign a ‘Memorandum of Understanding for Investment in the New and Expansion of Nexlene Production Plant’ in the situation room on the 7th floor of the city hall main building.

According to the agreement, SSNC will contribute to revitalizing the local economy through the new and expanded production plant and will give top priority to hiring Ulsan citizens when recruiting personnel necessary for plant operation. Ulsan City will support various permits and approvals related to the new and expanded investment.

Kim Doo-gyeom, Mayor of Ulsan City, said, “We expect SSNC’s investment decision to greatly contribute to leading the development of core industries and revitalizing the local economy, thereby restoring the status of Ulsan as an industrial capital.”

Sami Muhammad Al-Osaimi, Chairman of SSNC, expressed gratitude for the great interest and support from Ulsan City regarding the investment decision in the Korea Nexlene Ulsan plant, and said, “Through this expansion investment, we will produce Nexlene products recognized worldwide and leading the market, contributing to the economic revitalization of the Ulsan region.”

According to this investment agreement, SSNC will establish and expand a high value-added material ‘high-performance polyolefin elastomer (POE)’ production plant on 1,322㎡ in Cheongnyang-eup, Ulju-gun, through its domestic subsidiary Korea Nexlene by July 2024.

The project cost is expected to be about 200 billion KRW.

SSNC is a joint venture established in 2015 by SK Geocentric and Saudi Arabian chemical company SABIC, and Korea Nexlene is a 100% subsidiary of SSNC.

Since 2015, a total of 605.1 billion KRW has been invested to establish a 68,122㎡ plant producing 210,000 tons of Nexlene products annually. With this new and expanded investment, the annual production capacity will increase to 300,000 tons.

Nexlene is a ‘next-generation high-performance polyethylene’ independently developed by SK Geocentric in Korea for the first time, covering the entire process of catalyst, process, and product technology.

The Korea Nexlene Ulsan plant produces Nexlene-related products such as ▲polyolefin elastomer (POE), ▲polyolefin plastomer (POP), and ▲metallocene linear low-density polyethylene (Metallocene LLDPE).

Among these, the ‘polyolefin elastomer (POE)’ with excellent elasticity and impact resistance is used in manufacturing lightweight automotive parts and solar power generation films.

High-performance chemical products are known to be more eco-friendly as they can significantly reduce the amount of plastic used compared to general chemical products.

This content was produced with the assistance of AI translation services.