News: SK Incheon Petrochem, a subsidiary of South Korea-based SK Innovation, is expected to restart expansion activities at its paraxylene (PX) plant in Incheon, South Korea, on February 8-9 2014, reports Reuters. SK Incheon expects to complete the US$1.5bn PX expansion project on schedule after resuming the expansion activities. SK Incheon had suspended the construction works for its PX expansion project in January to address safety and environmental concerns of the local authorities regarding its PX plant.
BMI View: The major story for the South Korean petrochemicals industry is its ongoing rapid expansion in aromatics, with xylenes capacity set to reach 10.5mntpa by 2018, 6mntpa more than seen in 2010. Xylenes are an important aspect of Korea's expansion efforts as the country's petrochemicals producers seek to take advantage of demand from Chinese PET producers.