South Korea’s Kumho Petrochemical is expected to increase its production of major synthetic resins, and with the rise in the global price of synthetic resins, it is expected that the revenue in the coming quarters will increase simultaneously.
Kumho Petrochemical said on Friday that all production expansion plans of the company and its subsidiaries are proceeding according to plan. The company expects to complete the increase of 16,000 tons of synthetic resin production as planned in June of this year. At the same time, its unlisted subsidiary Jin Lake P&B Chemicals will also fully expand production of 17,000 tons of epoxy resin by June. More stringent Chinese environmental regulations have led to a decline in global synthetic resin and epoxy resin production levels, which has led to higher prices.
Earlier this year, Kumho Mitsui Chemicals (a joint venture between Kumho Petrochemical and Mitsui Chemicals Japan) completed an increase in the output of its 10,000-ton MDI. MDI is a key material for polyurethanes, and polyurethanes are used to manufacture various products. From the insulation of refrigerators and car seats to shoes. In this capacity upgrade, the company beat South Korea's BASF to become Korea's largest MDI supplier.
In addition, Kumho Juhua, another subsidiary of Kumho Petrochemical, also expanded its TPVs capacity by 5,000 tons last year.
A company official said that Kumho Petrochemical is currently considering further plans to increase its synthetic resin and rubber production.