Lotte Group, South Korea's retail-to-chemicals conglomerate, has been accelerating its
move to tap deeper into the United States, the world's largest economy, with its
cumulative investments reaching some US$4 billion in production facilities and other
areas, industry sources said Tuesday.
In its latest investment, Lotte Chemical Corp., the group's chemicals unit, completed
the construction of the $3.1 billion ethylene plant in Lake Charles, Louisiana. Lotte owns
an 88 percent stake in the project, with local partner Westlake Chemical Corp. investing
in the remaining stake in the plant, which produces 1 million tons of ethylene annually.
Lotte's investment in the plant marks the second largest by a South Korean company and helps elevate Lotte's standing in global ethylene output rankings to seventh. The plant is
one of the biggest investments made since U.S. President Donald Trump took office in
early 2017. Trump hailed Lotte's investment as a testament to the strength of the alliance between Seoul and Washington. (Yonhap)