Dec. 2 (Bloomberg) -- LG Chem Ltd., South Korea’s biggest chemical company, plans to build a $4.2 billion petrochemical complex in Kazakhstan with two partners.
The project will be funded by $2.97 billion of loans and $1.27 billion of investment by the venture partners, LG Chem said in a regulatory filing in Seoul today.
LG Chem plans to pay 716.9 billion won ($636 million) for a 50 percent stake, while Kazakhstan’s state-run United Chemical Co. and privately held SAT will each own 25 percent, according to the filing.
The proposed project in the Atyrau area will produce 800,000 metric tons a year of polyethylene, a raw material used to make plastics, LG Chem said.
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