Thursday, June, 13, 2024 09:50:54
  • The refinery would be sourcing all its feedstock locally & intends to reach its full-operating capacity in upcoming months.
  • The plant boasts of a yearly aromatics production capacity of 60,000 tons.

Fortrec Chemicals & Petroleum Pte Ltd., (Fortrec), a renowned Singapore-based supplier of petroleum products & petrochemicals, has reportedly completed the acquisition of a newly refurbished aromatic solvents refining facility located in Ulsan, South Korea.

Reports cite, the deal is an outcome of a nine-month-long acquisition process by the company. Fortrec has already started the plant’s production operations and intends to attain full operating capacity over the forthcoming months.

According to a report by Chemicals Technology, over the previous few years, Fortrec has been seeking new opportunities to purchase stakes in different production facilities that supplement its trading unit and enable it to expand its asset strategy further. The Ulsan refining facility acquisition comes under this exact growth strategy.

The Ulsan facility reportedly boasts of a yearly aromatics production capacity of 60,000 tons for aromatic solvents including FSol200, FSol150, FSol100 & Washoil. The company intends to source all the feedstock required for the production activities locally and is also exploring other opportunities to manufacture high-value petrochemical products alongside its standard stock.

The CEO at Fortrec Chemical Co Ltd in Korea, Mr. Lee Byung Chul stated that the company is thrilled to be working alongside a highly-reputed company like Fortrec. The company is aware of Fortrec’s excellent track record in South Korea & is extremely pleased to restart the production operations at the Ulsan facility together.  Mr. Chul further added that the company sees a massive opportunity in using locally-sourced feedstock for production & leveraging Fortrec’s massive reach to foray into new export markets.

According to Fortrec Group Managing Director, Mr. Ajay Bhattacharya, Fortrec is also looking for new investment opportunities across India, China, Sri Lanka, Bangladesh & Vietnam to further expand the company’s reach. The financial details related to the latest acquisition have not been unveiled yet.