According to the company’s website news release on February 6, 2023, LOTTE INEOS Chemical has announced plans to increase VAM production capacity from the current 450,000 tonnes to 700,000 tonnes with the addition of a third VAM plant. The new plant is scheduled to start-up by the end of 2025.
VAM is widely used for everyday products such as food packaging, solar panels, windscreens, polarizing films, adhesives and paints. In recent years VAM demand has increased significantly to meet global solar power generation.
LOTTE INEOS Chemical has purchased additional land next to the existing plant in Ulsan for the construction of the new VAM plant, and has begun the Front-End Engineering Design (FEED) work with LOTTE Engineering & Construction.
David Brooks CEO INEOS Acetyls said: "The INEOS LOTTE team in Ulsan have a very strong record in delivering projects safely and on time. This investment, using well proven INEOS technology, will support our customer growth plans in North East Asia and globally."
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