PARIS, Dec. 2 -- Atofina will establish a petrochemicals joint venture with South Korea's Samsung, giving the company greater access to the growing Asian chemicals and plastics markets.
Under the agreement, the assets of Samsung General Chemicals will be transferred to the 50/50 venture. The alliance will produce and market a range of base petrochemicals and polyolefins from Samsung General Chemicals' integrated site in Daesan, South Korea. The petrochemicals complex will also be transferred to the joint venture. The facility, located on the west coast of South Korea, 150 kilometers southwest of Seoul, manufactures 650,000 metric tons/yr of ethylene, 670,000 metric tons/yr of styrene, 500,000 metric tons/yr of paraxylene, and 670,000 metric tons/yr of polyolefins.
The joint venture is part of parent company TotalFinaElf's strategy to develop its position in high-growth regions, particularly in petrochemicals.
Samsung General Chemicals is the polyolefins and base petrochemicals subsidiary of Samsung. In 2001, Samsung posted revenues of US $98.7 billion and net profit of US $4.5 billion. Samsung General Chemicals employs 900 and registered 2001 revenues of $1.2 billion, of which 45% were earned outside South Korea.