As per the contractual terms Versalis will provide its technologies to be employed at the new plant which will have a capacity to produce about 200,000 tons of elastomers every year.
The company will also provide engineering services, commercial development skills and technical assistance for the development of the facility whereas Honam will supply primary raw materials, operative sites and existing structures.
Honam is setting up the new plant at its facilities in Yeosu to cater to the Asian markets.
The partners are planning the start-up of the plant by the end of 2015.
