Lotte Chemical Restarts MEG Production at Yeosu Line 3
- 16-Nov-2023 3:20 PM
- Journalist: Nicholas Seifield
Lotte Chemical, a prominent petrochemical manufacturer based in South Korea, has successfully resumed production on Line 3 of Monoethylene Glycol (MEG) at its facility in Yeosu, South Korea. This development follows routine maintenance measures that were undertaken to ensure the optimal functioning of the production line.
Earlier, Lotte Chemical had announced a postponement in the resumption of production on Lines No. 1 and No. 2, dedicated to MEG production in Yeosu, due to scheduled preventive measures. The maintenance and repair work on these lines, each with a production capacity of 120 thousand tons of MEG, commenced on May 15 and was originally scheduled to conclude by June 15 of the same year.
Monoethylene Glycol (MEG) serves as a crucial raw material in the production of polyethylene terephthalate (PET), a widely used polymer in various industries. Lotte Chemical's decision to temporarily halt and subsequently resume production aligns with strategic maintenance practices aimed at ensuring the reliability and efficiency of their MEG manufacturing operations.
The demand for PET has experienced a notable uptick, with a 17% increase in estimated consumption during the period of January to August compared to the corresponding timeframe in the previous year. The total consumption reached 833.74 thousand tons, highlighting the significance of MEG as a fundamental component in the production of PET, which is widely utilized in diverse applications.
Lotte Chemical Corporation, as a key player in the South Korean petrochemical industry, is actively involved in the development, production, and sale of various petrochemical products. The company's product portfolio encompasses two main categories: monomers and polymers. Monomers produced by Lotte Chemical include ethylene, propylene, butadiene, benzene, toluene and xylene (BTA), pure terephthalic acid (TPA), ethylene glycol, styrene oxide, among others. Additionally, the company manufactures polymer products such as low-density polyethylene, high-density polyethylene, linear polyethylene, polypropylene, and polyethylene terephthalate.
The decision to undergo preventive maintenance on Lines No. 1 and No. 2 reflects Lotte Chemical's commitment to ensuring the reliability and longevity of its production facilities. The successful resumption of production on Line 3 is indicative of the company's adept management of maintenance schedules and its dedication to maintaining a robust and efficient manufacturing process.
It's worth noting that on January 15, 2013, the company underwent a name change from Honam Petrochemical Corporation to Lotte Chemical Corporation, signaling a strategic shift while continuing its focus on delivering high-quality petrochemical products.
Lotte Chemical's resumption of MEG production on Line 3 in Yeosu signifies a strategic and well-managed approach to maintenance and operational efficiency. As a major contributor to the South Korean petrochemical landscape, Lotte Chemical's commitment to product quality, reliability, and adaptability positions it as a key player in the global petrochemical industry.