Following the completion of the acquisition, the company restarted operations of the refurbished facility, which has an annual production capacity of 60,000t.
Singapore-based Fortrec completed purchase of the aromatic solvents refinery in Ulsan, Korea. The facility produces aromatic solvents FSol100, FSol150, FSol200 and Washoil. However, financial details of the deal were not disclosed. The restarting of the facility is followed by culmination of a nine-month acquisition by Fortrec, which aims to source all feedstock locally for the facility. Furthermore, the company intends to achieve complete capacity in the near future and expand it to meet increasing customer demand.
Fortrec is exploring possibilities of manufacturing other high value-added petrochemical products and their regular stock. Since its inception, Fortrec was engaged in heavy aromatics trading. A decade ago, the firm ventured into the production sector with the acquisition of an interest in a major Chinese solvent manufacturer. In the last few years, Fortrec has been exploring opportunities for expanding its asset strategy through acquiring stakes in other production facilities that complement the trading unit of the business. The purchase of the Ulsan facility is in line with this strategy.
Fortrec CEO Lee Byung Chul said, “We are very pleased to be partnering with such a reputable and long-standing company as Fortrec. We have known them for many years in Korea and are very pleased to have started operations together here in Ulsan. Fortrec Group managing director Ajay Bhattacharya said: “Fortrec will be celebrating its 20th anniversary in September and we are really pleased to announce our first facility to produce high-grade products for our partners and clients. We continually look at and develop new bio-aromatic products – and are exploring other investment opportunities in China, India, Bangladesh, Vietnam and Sri Lanka.”
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