ULSAN < invest Korea

According to Yonhap News,

(SEOUL = Yonhap News) Hyosung Corp., a South Korean maker of textiles and heavy machinery, said Tuesday it will spend 280 billion won (US$266 million) to build a propylene plant by May 2015.

The plan was launched on expectations that the recent brisk development of shale gas may send the prices of propane, a raw material for propylene, down and help Hyosung profit more from the propylene production, it said.

Hyosung plans to build the plant in Ulsan, 414 kilometers southeast of Seoul.

Once completed, the company's propylene production capacity will more than double to 500,000 tons from the current 200,000 tons.

Propylene is a raw material used for making auto parts, textiles and home appliances.

ksnam@yna.co.kr

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Source Text

Source: Yonhap News (Dec. 17, 2013)

** This article was translated from the Korean.