LG Chem secures agreement with OxyChem. (Overseas).LG Chem Ltd. announced on March 25 that it has signed an expanded term EDC EDC See: Export Development Corp. (Ethylene Di-Chioride) supply agreement with U.S.-based OxyChem (Occidental Chemical Corporation), one of the world's largest merchant suppliers of EDC. EDC is a vital feedstock for PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. (Poly Vinyl Chloride vinyl chloride or chloroethylene Colourless, flammable, toxic gas (H2C=CHCl), belonging to the family of organic compounds of halogens. It is produced in very large quantities and used principally to make PVC, as well as in other syntheses and in ), which is one of LG Chem's core products used. "The strategic relationship with OxyOhem will be beneficial for LG Chem by enabling the company to secure enough supply of EDC for stable growth in the PVC business and in turn will help Oxyohem to lay the grounds for making way into the Asian market," said Churl-Ho Yoo, the Executive Vice President of LG Chem's Petrochemical Business. The long term EDC supply agreement with Oxychem is expected to lift LG Chem's burden of obtaining enough raw materials for the PVC production. The EDO Edo: see Tokyo, Japan. supplied by OxyChem will be used for the production of VOM (Vinyl Ohioride Monomer monomer (mŏn`əmər): see polymer. monomer Molecule of any of a class of mostly organic compounds that can react with other molecules of the same or other compounds to form very large molecules (polymers). ), the raw material of PVC, in LG Chem's production facilities in China and Korea. Through this strategic alliance, LG Chem's annual PVC capacity is expected to rise to 2.05 million tons (Korea 0.95 m, China 1.1 m) by 2010, which will elevate LG Chem to the position of the 3rd largest PVC producer in the global market. "Today's signing ceremony symbolizes the strong business partnership between the two companies, which lays the ground for further alliances in other areas. In addition, by maintaining the strategic alliance with the world major players, LG Chem will emerge as a global leader in the petrochemical marketplace," Yoo added. With enhanced productivity at the Yeochon plant in Korea and a 0.1 million t/a production increase in China in the first half of this year, LG Chem is currently the 6th largest PVC producer with a capacity of 1.13 million tones per year (Korea 0.79 m, China 0.34 m). LG Chem now is operating two PVC plants in Tianjin and Ningbo, is also planning a PVC JV with Fujian Petrochemical Company, according to the database of OCR OCR in full optical character recognition Scanning and comparison technique intended to identify printed text or numerical data. It avoids the need to retype already printed material for data entry. (CCR 1. CCR - condition code register. 2. CCR - (Database) concurrency control and recovery. 2003 No.3 page 6). |
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