Hanwha Total Petrochemical Co Ltd said on Monday it plans to spend 362 billion won ($331.29 million) on a new factory in South Korea to increase polyethylene output by 400,000 tonnes per year by 2019.

The joint venture of South Korean conglomerate Hanwha Group and French oil and gas company Total SA in a statement said the factory will raise its polyethylene capacity to 1.12 million tonnes per year when completed by the end of 2019.

The plant will be capable of producing multiple higher-value polyethylene products enabling flexible response to demand, Hanwha Total said.

Source: nasdaq.com