LG Chem and CNOOC to Set Up ABS Joint Venture in China

LG Chem says it will establish a 50-50 joint venture with China National Offshore Oil Corp. (CNOOC) to produce acrylonitrile butadiene styrene (ABS) at Huizhou, China. The two companies will invest a total of $365 million in the project by 2013, with both companies making equal contributions. Construction of the manufacturing plant will start in the first half of 2010 and initial production is expected to begin in 2011 with a production capacity of 150,000 m.t./year. The production capacity will be increased to 300,000 m.t./year by 2013. LG Chem says that it...

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